Europe's benchmark index nudged higher as falling oil prices and softer ECB expectations gave stocks a tailwind. By 3:16 p.m. in London, the Stoxx Europe 600 had added 0.3%, with ASML Holding NV climbing 4% to lead chip peers.
Traders dialed back wagers on an October European Central Bank hike after comments from President Christine Lagarde were read as dovish, leaving markets assigning a 31% probability to an increase. With earnings season about to kick off and indexes hovering just shy of record peaks, investors are still looking for a clear catalyst to cut through lingering geopolitical worries.
Energy stocks were among the biggest decliners after Brent crude slid below $105 a barrel, a move tied to the resumption of flows via a key pipeline in Saudi Arabia. Brent has held over $100 for three straight weeks, and an end to the conflict in the Middle East still looks remote, with Iranian officials downbeat on the odds of a deal before the US midterm elections.
Julius Baer Group Ltd. shares rose as much as 9% after the Swiss watchdog Finma concluded its enforcement process, which the bank described as the close of a difficult restructuring period. Julius Baer said it had asked for approval to restart share repurchases. In a 1:55 segment, Bloomberg's Tom Metcalf outlined that the bank sought permission to resume buybacks.
Chocoladefabriken Lindt & Spruengli AG slid 7.5% after the Swiss chocolatier trimmed its sales-growth outlook for the second time this year.
A calm, consistent approach helps protect savings and pursue thoughtful long term growth. Join Briefs Finance CEO Jaspreet Singh on September 29th for a FREE live investor workshop, How to Profit From A Dollar That's Losing its Value, where he shows how we're spotting investment opportunities as the dollar falls. Save your spot.
Michael Field, Morningstar's chief equity market strategist for EMEA, said, "The market is scrambling for some positive news," "There's so many negatives building in the background so I think unless we get a series of positive catalysts, we're not gonna get back on track with that run." Translation for your money: keep an eye on oil's next move, the ECB's October meeting odds, and the first wave of earnings - that trio will likely set the tone more than any single headline.
Regular learning and planning keep your finances resilient through uncertain economic seasons. Our CEO Jaspreet Singh is hosting a FREE live investor workshop, How to Profit From A Dollar That's Losing its Value, on September 29th. Sign up free to join him live.
