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European Stocks Trade Mixed Amid Oil Losses, US Data Cheer -- Market Talk

Dow Jones2023-11-04

1834 GMT - European stocks trade mixed as losses for oil shares offset upbeat investor reaction to worse-than-expected US non-farm payroll data. The Stoxx Europe 600 and DAX advance 0.2% and 0.3% respectively, though the CAC 40 drops 0.2% and the FTSE 100 falls 0.4%. Oil stocks retreat as Brent crude backtracks 2.4% to $84.75 a barrel. The Dow rises 0.8% as investors take slowing US job gains as more evidence that interest rates have peaked. "Oil's dropping as investors pare back concerns about a wider Middle-East war," IG analyst Chris Beauchamp writes, adding that comments from Hezbollah's leader seemed to indicate the group had no plans to intervene in the conflict. "Lower oil prices mean lower inflation too, another tailwind for stocks." (philip.waller@wsj.com)

(END) Dow Jones Newswires

November 03, 2023 14:35 ET (18:35 GMT)

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