US propane exports hit record high on surging European, Asian demand
US propane exports continued to rise in September, climbing to a record high 2.2 million b/d, S&P Global Commodities at Sea(opens in a new tab) data showed. The increase from August was driven by exports to Europe, although Asia remained the primary destination for US propane, butane and ethane. Total US propane, ethane and butane ...
European shares reached a two-week high on Thursday (Oct 15) due to robust earnings and a rise in healthcare stocks, acting as a refuge for global investors during a cooling AI trade. Swedish telecom equipment maker Ericsson led the gains with a 6.8% increase, becoming the top performer on the benchmark after reporting stronger-than-anticipated third-quarter results.
The Stoxx 600 index, which tracks major European companies, climbed 0.4% to 640.16 points, marking its highest level since September 30. Healthcare stocks witnessed a 2.4% surge and were among the leading contributors to the index's gains. However, technology shares experienced a 1.5% decline, primarily driven by a 13% drop in German chip systems manufacturer Aixtron.
Other chip stocks such as Infineon and Soitec also saw a 5.2% and 7.7% decrease, respectively, while ASML, a chip equipment maker, dropped 4.2%. Inflation concerns in Europe and higher energy costs prompted investors to seek refuge in healthcare stocks, with Michele Morganti, an equity strategist at Generali Investments, noting that long-duration stocks and their financing are facing increased fear.
The European Central Bank is expected to raise interest rates by a quarter point in December, with an 87% chance according to LSEG data.
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