FLGR - European shares advance as oil prices ease despite geopolitical concerns

2023-10-10 03:56:52 ET

London  +1.02%

Germany  +1.53%

France  +1.31%

Inflation should still come down to the European Central Bank's target of around 2% by 2025 despite the violence in Israel weighing on commodity prices, ECB policymaker Francois Villeroy de Galhau said on Tuesday.

Turkey’s industrial production rose 3.1% year-on-year in August, easing from an over a year high of 7.6% growth in the previous month, as output sharply slowed for manufacturing.

The pan-European Stoxx 600 ( STOXX )  rose 1.1% on Tuesday after losses in the previous session following the unprecedented geopolitical crisis in the Middle East. Dovish comments from top U.S. Federal Reserve policymakers and a pullback in oil prices also helped calm investors. Sectors broadly gained except oil and gas, which dipped. Travel stocks climbed despite the global uncertainty as airlines cancelled flights to Israel.

Coming up in the session: Atlanta Federal Reserve Bank President Raphael Bostic will participate in a moderated conversation on the U.S. economic outlook with American Bankers Association chief policy officer Naomi Camper at the ABA's Annual Convention. Speech by Federal Reserve Governor Christopher Waller also on the radar.

In the bond market, the U.S. 10-year Treasury yield was down 1 basis point to 4.68%.

Germany's 10-year yield was up 2 basis points to 2.78%.

U.K.'s 10-year yield was up less than 1 basis point to 4.48%.

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