European Stocks Set for First Weekly Gain in Four as Oil Eases
European shares advanced as bond yields stabilized and oil pulled back on hopes that the Strait of Hormuz could soon reopen.
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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