EU stocks leap driven by oil shares
On Wednesday, European shares went up, with the regional’s blue-chip benchmark driven by gains in the embattled commodities as well as banking sectors.
The Stoxx Europe 600 surged to 322.62 or 1.4% and only the utilities sector went down.
Oil shares kept going up as oil prices soared more than 1%. The current OPEC president and simultaneously Qatar’s energy minister, Mohammed al-Sada is in Tehran now, where he’s expected to negotiate a crude-production cap deal with ministers from Venezuela, Iraq and Iran.
As for oil producers, Lundin Petroleum AB surged 3%, while Tullow Oil PLC managed to gain 2%. Meanwhile, Seadrill Ltd an oil services provider bounced 4.3%.
Now, let’s shift to the resources sector. Stocks of Glencore leaped 8% after the miner and commodities trader informed that it’s going to refinance an $8.45 billion loan facility. Until May 2018, Glencore can hardly boast refinancing commitments.
In the EU Crédit Agricole SA demonstrated positive dynamics, with its stocks surging 8.4%. The French lender told it would sell back its 25% stake held in the group’s regional lenders. The given move is apparently aimed at easing worries regarding its capital strength.