Major European Markets Slightly Higher As Oil Prices Fall Sharply
(RTTNews) - European markets moved slightly higher on Wednesday amid easing concerns about inflation and interest rates, as oil prices fell sharply on renewed optimism about Iran peace talks and possible reopening of the Strait of Hormuz sooner than later.
Brent crude futures dropped to $84.56 a barrel, losing about 3%, on reports that Oman and Iran had discussed establishing a temporary joint maritime corridor in the Strait of Hormuz.
The pan European Stoxx 600 edged up 0.12%. Germany's DAX and France's CAC 40 moved up 0.18% and 0.43%, respectively. The UK's FTSE 100 edged down 0.13% despite a good show by stocks from the mining sector.
In the UK market, miner Antofagasta climbed 2.5%. Anglo American Plc gained 1.2%, while Glencore and Rio Tinto posted moderate gains.
Diploma, Halma, Howden Joinery Group, Intercontinental Hotels Group, Persimmon, Games Workshop, Airtel Africa, Spirax Group, IAG, Weir, Coca-Cola HBC, Aberdeen Group and JD Sports Fashion gained 1%-2.3%.
In the German market, Deutsche Bank and Heidelberg Materials both moved up by about 4.3%. Commerzbank, MTU Aero Engines, Qiagen, Symrise, E.ON, Rheinmetall, Fresenius, Beiersdorf, Fresenius Medical Care and Continental gained 1%-2.3%.
SAP dropped by about 3%. Porsche Automobil Holding, Scout24, Volkswagen and Siemens Energy drifted down 1%-1.4%.
In economic news, a report from the Confederation of British Industry showed headline sales balance fell to -48 in August from -26 in July, well below market expectations of -24.
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