European stocks and oil backtrack on pandemic restrictions – markets in a minute

European stocks and oil backtrack on pandemic restrictions - markets in a minute

European stocks backtrack with pandemic restrictions

European shares closed slightly lower as investors assessed the economic risks of the new restrictions – most recently of which in the UK – in response to the rapid spread of the Omicron version of the coronavirus.

After gaining 0.3% during the session, the Stoxx 600 closed 0.094% higher at 476.91 points.

The energy sector today took the most ground in the old continent, pressured by falling crude prices and the poor performance of Finnish company Neste Oyj – in refining and marketing oil and petroleum products – which depreciated following the unexpected dismissal of its CEO. .

Tech products were also under pressure, while health titles did well.

“Markets are likely to remain quite volatile as uncertainty over US monetary policies is likely to remain, especially after last week’s inflation data and ‘non-farm payrolls’ showed lower-than-expected figures. In the days to come, investors should expect Must be cautious and continue to monitor the macroeconomic outlook in the US to gather more clues about what the Fed’s next move might be, and when,” emphasizes Pierre Veret, technical analyst at ActiveTrades.

From listing, Deutsche Bank fell 3.4% after the US Justice Department told the German bank that it may have breached a criminal case when it failed to notify prosecutors of an internal charge of the business. Sustainable Investments by the Asset Management Unit, according to a source cited by Dow Jones Newswire.

The complaint alleges that property manager DWS Group exaggerated the use of environmental, social and governance norms, known as ESGs, in the management of its assets.

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Still in banking, Italian UniCredit SpA stood positive, climbing 10.82% at the end of the day, the biggest increase since November 2020. And it came after announcing its new strategy, which includes distributing at least 16 billion euros to shareholders. 2024.

Among the main indices in Western Europe, the German DAX dropped 0.3%, the French CAC-40 0.1%, the British FTSE 100 slipped 0.2% and the Spanish IBEX 35 0.9%, while the Italian FTSEMIB held its breath and closed out. at 0.2%. In Amsterdam, AEX registered a decrease of 0.7%.

About the author: Cory Weinberg

Cory Weinberg covers the intersection of tech and cities. That means digging into how startups and big tech companies are trying to reshape real estate, transportation, urban planning, and travel. Previously, he reported on Bay Area housing and commercial real estate for the San Francisco Business Times. He received a "best young journalist" award from the National Association of Real Estate Editors.

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