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European Equities Higher On Energy Shares Boost
On Monday European shares were higher as the oil and gas sector performed the best in 2
04 July, 2022

On Monday European shares were higher as the oil and gas sector performed the best in 2 months, although bleak eurozone investor morale kept sentiment down before the European Central Bank this month plans to start increasing interest rates.

The STOXX 600 pan-European index was 0.5% higher after last week dropping on worries about the global economy potentially slowing down. Volumes were low due to a market holiday in the U.S.

London-listed oil giants Shell and BP Plc, and TotalEnergies from France rose between 4.4% and 4.6%. They boosted the STOXX 600 the most as supply worries due to lower OPEC output, sanctions on Russia, and unrest in Libya lifting crude prices.

London’s FTSE 100 closed 0.9% higher and the energy sector rose 4.0%.

Miners and healthcare were among the other highest sectoral performers.

Declines in real estate, tech, and auto stocks limited gains, with the latter two weighing on the German DAX which closed 0.3% lower.

On Monday a survey by Sentix showed investor morale in the eurozone this month dropped to the lowest since May 2020, indicating a likely recession in the currency bloc.

Data showed producer prices for the region increased less than expected.

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