European Stock Gains Curbed by Tumbling Oil Shares
European stocks edged higher after another record high on Wall Street as traders looked forward to the day’s major US bank earnings. Oil dropped as concerns eased about Israel attacking Iranian energy facilities.
The Stoxx 600 index rose 0.3%, with its gains limited by sliding shares in oil producers. TotalEnergies SE dropped 4.2% and BP Plc was down 3.5%. Brent crude futures slumped below $75 a barrel after the Washington Post reported that Israel doesn’t plan on striking Iranian oil or nuclear facilities.
US equity futures were flat after the S&P 500 hit its 46th record high of 2024, with Nvidia Corp. leading gains among megacaps, having eased concerns about product delays and its long-term growth prospects. Treasury yields ticked lower on Tuesday as the dollar gained against most of its Group-of-10 peers.
With earnings poised to drive US sentiment this week, investors appear not to be deterred by reduced profit forecasts and are instead betting on positive surprises. Reports due today include Citigroup Inc., Goldman Sachs Group Inc. and Bank of America Corp.
Source: Bloomberg
