News

Europe Markets: European stocks struggle as investors watch U.S. pipeline outage, while mining stocks climb

0

European stocks traded mixed on Monday, but with the main index inching toward a fresh record on Monday, led by commodity-related stocks. U.S. equity futures were mixed as investors watched rising energy prices after a cyberattack at a major pipeline.

Following a mixed Asian session, the Stoxx Europe 600 index
SXXP,
-0.03%

was flat at 445.32, after hitting a fresh closing high on Friday of 444.93. The German DAX
DAX,
-0.20%

and French CAC 40
PX1,
-0.25%

indexes dipped 0.2% each and the FTSE 100 index
UKX,
+0.03%

rose 0.2%.

The pound
GBPUSD,
+0.92%

pushed above a key level at $1.4095 on Monday, after the Scottish National Party, the main party in Scotland pushing for independence, fell one seat short of securing an overall majority. The euro
EURUSD,
+0.02%

was flat.

Read: Scotland’s independence vote ‘a matter of when, not if,’ says Nicola Sturgeon

S&P 500
ES00,
+0.09%

and Dow industrials
YM00,
+0.31%

futures rose modestly, while Nasdaq-100 futures
NQ00,
-0.26%

fell. The S&P
SPX,
+0.74%

and Dow
DJIA,
+0.66%

logged fresh closing highs on Friday, while the Nasdaq Composite
COMP,
+0.88%

also gained. A 266,000 April nonfarm payrolls gain marked the biggest missed forecast for economists’ predictions for those data since the 1990s, as many expected the month would see one million gains.

Investors will be looking ahead to U.S. consumer prices for April on Wednesday.

Shares of major oil companies climbed, with those of BP
BP,
+0.89%

BP,
+0.87%

and Royal Dutch Shell
RDS.A,
+1.89%

RDSA,
+0.32%

up over 2% each and Total
TOT,
+0.61%

FP,
+0.18%

up around 1.5%. That is as oil prices rose following a cyberattack on a key fuel line in the U.S. operated by Georgia-based Colonial Pipeline, which delivers around 45% of fuel used by the East Coast. Under such an attack, hackers paralyze the computer systems and networks of a company, demanding a ransom to reverse that.

Futures for June crude oil futures
CLM21,
+0.55%

and international benchmark Brent crude
BRNN21,
+0.67%

rose 0.6% each to $65.30 and $68.68 a barrel, respectively.

Elsewhere, mining stocks rose as iron ore futures surged in Singapore past $226 a ton, boosted by demand from China and a general recovery for the global economy. Iron-ore prices also surged last week. July copper futures
HGN21,
+2.76%

climbed another 2.5% to $4.8665 a pound, after closing at a record high on Friday at nearly $4.75 a pound. Copper prices rose 6.3% last week, the biggest weekly jump since the week ended Feb. 19.

Shares of Rio Tinto
RIO,
+2.71%

RIO,
+1.98%

surged 4% and BHP Group
BHP,
+1.29%

BHP,
+2.55%

climbed 3.8%.

Shares of MAN
MAN,
+29.01%

soared 30%, after Traton
8TRA,
+2.57%

said on Saturday it would pay €70.68 ($85.96) a share to squeeze out minority shareholders of the truck-and-bus manufacturer. Volkswagen
VOW3,
+0.09%

VOW,
+1.22%

-owned Traton, which is a commercial-vehicle producer, said the offer has been sent to MAN’s board and was being reviewed by a court-appointed auditor. MAN shares closed at €55.50 on Friday

Read: Weak jobs report belies U.S. recovery under way — but are international stock markets a better bet now?

Europe Markets: European stocks and U.S. equity futures mixed after records, with commodity stocks in the lead

Previous article

Bond Report: U.S. government bond yields see muted moves, but Germany’s bund yield hits 1-week high

Next article

You may also like

Comments

Leave a reply

Your email address will not be published. Required fields are marked *

More in News