European shares slip as U.S. reserve release plan pressures oil stocks

March 31, 202296 views0

(Reuters) – European shares edged higher on Thursday, led by gains in automobile and defensive sectors, while oil stocks tumbled as a U.S. plan to tap into its strategic petroleum reserves weakened crude prices.

The pan-European stock index rose 0.2%, despite a 1.5% drop in oil stocks.

London’s energy- and materials-heavy FTSE 100 index rose 0.1%, after data showed Britain’s economy grew more quickly than previously thought in the fourth quarter.

The STOXX 600 is down about 5.5% for the January-March period and looks set to end a seven quarter winning streak, as investors remain circumspect in the face of the Ukraine crisis and its impact on inflation and economic growth.

For the month, however, the index was on course to log its first gain of 2022.

Sweden’s H&M slumped 7.9% after reporting a smaller profit than expected for the December-February period, its fiscal first quarter.

Disclaimer:Fusion Mediawould like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.