European shares rise on lower oil prices, bank strength ahead of earnings

EUROPEAN shares rose on Monday (Oct 12), led by banking stocks as oil prices eased on hopes of Russia-Ukraine energy ceasefire, while investors awaited the start of the earnings season for fresh catalysts.

The pan-European Stoxx 600 index gained 0.43 per cent to 634.25 points by 0709 GMT. Spain’s bank-heavy IBEX jumped 1.3 per cent, the most among regional peers.

Oil prices slipped on expectations of more Russian supplies after US President Donald Trump said Ukraine and Russia had agreed to halt attacks on each other’s energy facilities following a US-Russian diesel-supply deal.

Eurozone bond yields eased on Monday, further helping lift sentiment for riskier assets.

Investors now will be eyeing earnings reports from corporate Europe to gauge the health of companies amid geopolitical uncertainty and higher borrowing costs.

LVMH will report results after markets close in Europe, while semiconductor equipment maker ASML and investment firm EQT are due to report later this week.

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Among other stock moves, Nordex advanced 2.5 per cent after the onshore wind turbine manufacturer said its project order intake in the third quarter rose 30 per cent year-on-year. REUTERS