HEWU - European stocks rise as oil and gas stocks roars on surprise OPEC+ cut

2023-04-03 05:21:53 ET

London +0.81% . UK March final manufacturing PMI 47.9 vs 48.0 prelim.

Germany +0.14% . Germany March final manufacturing PMI 44.7 vs 44.4 prelim.

France +0.43% .France March final manufacturing PMI 47.3 vs 47.7 prelim.

The pan-European Stoxx 600 was up 0.2%, with sectors and major bourses spread across marginal gains and losses.

Oil and gas companies topped the Stoxx 600 index in early trading after OPEC+ announced surprise oil supply cuts Sunday. Oil futures surged as much as 8% at the open after OPEC+ members announced to cut a total of more than 1 million barrels per day to extend through the end of 2023.

Shares of UBS f ell 2.2% in early trading following reports the bank could make hefty job cuts as part of its Credit Suisse takeover.

SNB total sight deposits w.e. 31 March CHF 563.6 bn vs CHF 567.0 bn prior.

Eurozone March final manufacturing PMI 47.3 vs 47.1 prelim.

Italy March manufacturing PMI 51.1 vs 51.0 expected.

Switzerland March manufacturing PMI 47.0 vs 48.9 expected.

Spain March manufacturing PMI 51.3 vs 50.1 expected.

Switzerland March CPI +2.9% vs +3.2% y/y expected.

In the bond market, the yield on 10-year Treasuries was up more than four basis point to 3.53%.

Germany’s 10-year yield was up more than four basis point to 2.48%.

Britain’s 10-year yield was up more than five basis point to 3.54%.

ETFs: ( EWG ), ( GF ), ( EWI ), ( EWQ ), ( EWGS ), ( FGM ), ( DBGR ), ( DXGE ), ( HEWG ), ( DAX ), ( FLFR ), ( FLGR ), ( FLIY ), ( FXB ), ( EWU ), ( FKU ), ( EWUS ), ( HEWU ), ( FLGB ).

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