Daily Outlook

Oil, travel stocks boost European shares

European shares rose on Monday, catching up with a late Friday rally on Wall Street, while oil majors like Royal Dutch Shell and BP jumped as crude prices were boosted by reports of attacks on Saudi Arabian facilities. The pan-European STOXX 600 index gained 0.6% in early trading, after U.S. markets rebounded strongly late last week.

Asian markets and Wall Street futures were, however, weaker on Monday as the U.S. Senate passage of a $1.9 trillion stimulus bill put fresh pressure on Treasuries and a jump in Brent crude futures above $70 a barrel for the first time since the COVID-19 pandemic began stoked concerns about inflation.

The oil & gas sector jumped 1.0% in Europe, while travel & leisure and banks gained more than 1.3% each. Cruise operator Carnival was the top gainer on STOXX 600, up 6.0%, while British education group Pearson slid almost 5% after reporting a drop in 2020 revenue and adjusted operating profit.

Oil, travel stocks boost European shares, Reuters, Mar 8

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