European Stocks Mixed, Oil Drop Pressures FTSE
European stocks closed mixed on Tuesday (June 9), as investors digested the prospect of a peace deal in the Middle East, which also weighed on oil prices. The Stoxx Europe 600 fell 0.2%, with the DAX down 0.8%, the CAC edged up 0.1%, the FTSE 100 fell 1.3%, and the Swiss Market Index rose 0.7%.
A sharp decline in oil was the main catalyst for the session. Front-month Brent fell 3.9% to US$90.59/barrel, while WTI plunged 4.5% to US$87.21/barrel, reflecting a market that has again reduced the supply risk premium amid speculation of a de-escalation of the conflict.
In corporate stocks, BP fell 3.1% after a report suggested some shareholders were questioning the company's strategic direction following the replacement of chairman Albert Manifold. BP emphasized its focus on cost discipline and will implement a new organizational structure with two main segments—Upstream and Downstream—starting July 1.
In the financial sector, UBS rose 1.4% after reports suggested the Swiss parliament was considering options that could reduce capital requirements in its banking reform plan following the collapse of Credit Suisse. UBS's gains helped support the Swiss index amid mixed European movements.
Meanwhile, ASML rose nearly 2% after its CEO warned the European Union against excessive interference in the semiconductor supply chain and urged Europe to focus on building a globally competitive technology "champion." In France, Stellantis shares rose 0.4% despite Chrysler recalling approximately 1.1 million vehicles in the US due to potential power steering pump cable issues. (arl)
Source: Newsmaker.id
