European stock markets traded lower during today’s session. The DAX in Germany fell 0.4%, the CAC 40 in France lost 0.3%, and the British FTSE 100 performed one idea better with a slight retreat amid strong corporate news on the Island.
OPEC + failed to reach an agreement to stimulate production. All production transactions within the group must be agreed unanimously, and the United Arab Emirates rejected the proposal, which would increase production by about 2 million barrels per day between August and December 2021.
The lack of an agreement has helped oil prices rise to their highest levels in nearly three years. US commodity futures traded 2.3% higher at $ 76.87 a barrel, reaching its highest level since October 2018, while the Brent contract rose 0.7% to $ 77.71.
These oil price gains helped oil companies strengthen today, with shares of BP (NYSE: BP) rising 1%, those of Royal Dutch Shell (LON: RDSa) adding 1.9% and Eni (MI: ENI) rising. increased by 0.8%.
Economic data, which is also due to be released on Tuesday, includes eurozone retail sales and ZEW’s July economic sentiment survey in Germany.
The news was received with optimism that the Prime Minister of the United Kingdom Boris Johnson outlined plans to lift all restrictions imposed on the fight against the Covid-19 virus in two weeks. This has had a positive effect on corporate news among some companies.
J Sainsbury (OTC: JSAIY) rose 0.1% as investors weighed in on the British supermarket chain, surpassing first-quarter sales expectations with a sharp slowdown from last year as the population prepared for the first blockade of Covid-19.
Shares of Ocado rose 3.8% after the British online retailer announced 20% revenue growth for the first half, as well as a deal to develop Alcampo’s online business in Spain. Shares still lost more than a third of their value from last year’s peak, when the euphoria of accelerating online shopping contributed to the company’s growth.
Junior Trader Nikolay Nankov