European Shares Climb As Oil And Bond Yields Ease From Recent Highs
(RTTNews) - European stocks were sharply higher on Tuesday as Brent crude prices dipped below $100 a barrel on signs of resilient Middle Eastern crude exports and Euro zone bond yields fell, helping reduce the spread between French and German 10-year yields.
European shares climbed to near one-week highs on Tuesday, led by gains in healthcare stocks, including Genmab. Meanwhile, euro zone bond yields took a breather after surging due to concerns over fiscal and inflation risks. The STOXX 600 index, which tracks European stocks, rose 0.8% to 638.41 points by 07:27 GMT, indicating a potential third consecutive day of gains.
Genmab's stock surged 7.6% to become the top performer in the STOXX 600 index after the Danish biotech company and US pharmaceutical giant AbbVie's blood cancer drug combination demonstrated in a late-stage study that it reduced the risk of progression or death. The broader healthcare sector also rose 1.6%.
Investors are now focusing on upcoming economic data from the euro zone, such as retail sales figures and the UK S&P Global PMI survey, which could provide insights into consumer spending and Britain's economic activity. The euro was trading near a 17-month low, pressured by political uncertainty following Spanish Prime Minister Pedro Sanchez's decision to call a snap election on Monday.
Additionally, the French government's plan to implement an unpopular 2027 budget aimed at reducing its deficit has caused a decline in bond prices. Despite these challenges, euro zone bond yields eased, after reaching multi-decade highs last week. Other notable movements in the market included Italy's Technoprobe, which rose 2.3% after J.P. Morgan initiated coverage with an "overweight" rating.
Written by urgent.news from Business Recorder's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
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