The pan-European Stoxx 600 index recovered early losses of more than 1.3% and provisionally ended the day up by 0.7%. Food and beverage stocks lost 1.2%, while oil and gas companies rose 3.1% to lead gains.
Early falls in European markets followed a bleak trading session in Asia-Pacific markets, where the price of oil fluctuated sharply.
Following reports that OPEC+ is considering a reduction in oil supply of more than one million barrels per day, citing sources, Brent crude futures and West Texas Intermediate futures increased.
The organization’s main action to combat the weakness in the global demand would be this one.
After recovering some of their earlier losses, Credit Suisse shares were down 5% by mid-afternoon on Monday as market worries regarding the Swiss bank’s capital situation lingered as a result of a rise in credit-default swaps.
After the former ABB turbocharging unit was split off by the Swiss automation company, Accelleron fell more than 14% on its market debut on the SIX Swiss Exchange in Zurich, dropping to the bottom of the Stoxx 600.
Other major declines included 5.9% drops by Just Eat Takeaway and Lufthansa, respectively.
Tenaris, a manufacturer of steel pipes with headquarters in Luxembourg, rose 7% to the top of the European blue chip index.
Originally posted here.
