European markets mixed amid earnings; oil prices hit multi-year highs
The pan-European Stoxx 600 was flat during early morning deals, with sectors and major bourses pointing in opposite directions.
Oil prices hit highs not seen since late 2014 on Thursday, following reports OPEC kingpin Saudi Arabia would be content to see crude prices surge up to $100 a barrel over the coming months.
Britain's Weir Group surged to the top of the European benchmark during early morning deals. The firm, which makes pumps and valves for mining and energy industries, announced it would try to purchase U.S.-based ESCO Corp for an equity value of over $1 billion. Its shares were up almost 6 percent on the news.
European markets were mixed Thursday morning, as investors reacted to fresh earnings and soaring oil prices.
The pan-European Stoxx 600 was flat during early morning deals, with sectors and major bourses pointing in opposite directions.
Europe's household goods led the losses, down over 0.4 percent amid earnings news. Unilever was the sector's worst performer after the Anglo-Dutch consumer goods giant reported sales figures were largely in line with expectations during the first three months of the year. The maker of Dove soap also said it remained confident shareholders would support its decision to change the corporate structure of the firm. Shares of Unilever were down over 1 percent.
Meanwhile, media stocks were up more than 0.5 percent following robust corporate figures. France's Publicis Group posted better-than-expected underlying sales growth in the first-quarter on Thursday, supported by a bounce in North American activities. Its shares were around 5 percent higher.
Looking at individual stocks, Britain's Weir Group surged to the top of the European benchmark during early morning deals. The firm, which makes pumps and valves for mining and energy industries, announced it would try to purchase U.S.-based ESCO Corp for an equity value of over $1 billion. Its shares were up almost 6 percent on the news.
Oil hits multi-year highs
Oil prices hit highs not seen since late 2014 on Thursday, following reports OPEC kingpin Saudi Arabia would be content to see crude prices surge up to $100 a barrel over the coming months. This appeared to embolden a view among price hawks that Riyadh would continue to seek no changes to a global supply-cutting deal despite major producers edging closer to the agreement's original target.
Another catalyst for an uptick in crude futures was thought to stem from the prospect of sanctions on Russia. Elevated fears that sanctions could hit supplies lifted aluminum and nickel prices to multi-year highs on Thursday.
Elsewhere, the International Monetary Fund ( IMF ) said Wednesday that governments worldwide should take action to try to reduce their indebtedness while the going is relatively good. The Washington D.C.-based institute said lawmakers should seek to build buffers and cut public debt levels in order to tackle "challenges that will unavoidably come in the future."
In Asia, equities rallied on the back of soaring energy stocks. MSCI's broadest index of Asia-Pacific shares, excluding Japan, was up almost 1 percent — led higher by a 2.9 percent rise in basic materials.
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