European stocks on track for weekly gain as oil prices ease
On Friday, European stocks edged upwards and were on track for a weekly increase as oil prices declined, despite investors remaining cautious about Middle Eastern developments. The pan-European STOXX 600 index rose 0.7% to 640.66 points by 0704 GMT, positioning it for its first weekly gain in three, following a series of losses.
Most regional stock exchanges also showed gains. Oil prices fell after two days of upticks, as traders weighed the potential for a US-Iran cease-fire against Iranian President Masoud Pezeshkian's declaration that Iran would not yield and the Houthis' attack on Saudi Arabia. Energy stocks were among the top losers, decreasing 0.7%.
Airlines, which are affected by fuel costs, saw an increase, with Ryanair and Lufthansa jumping over 2% each. Travel stocks and leisure indices rose by 1.2%. In Germany, consumer sentiment dropped more significantly than anticipated heading into October due to the rising energy prices impacting households' income outlook. The German DAX index climbed 0.6%.
Among individual stocks, Finland's Konecranes increased 5.1% after the industrial equipment manufacturer announced a buyback program and raised its financial targets.
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