Stocks Edge Higher as Brent Touched $95 - Europe Market Wrap

19 Sep 2023 11:26Energy EUR Europe US Bonds US Indexes USD

- As traders braced for this week's flurry of central bank decisions, European shares crept higher, boosted by oil stocks. Brent crude touched $95 per barrel for the first time since November, raising concerns about inflation.
- Total, BP, and Shell were among the top contributors as Europe's STOXX 600 index rose 0.3%, with US equity futures pointing to modest gains on Wall Street later.
- Crude has risen by about a third since mid-June as Saudi Arabia and Russia collaborated to reduce supply and drive up prices. This has increased the pressure on central bankers as they seek to contain inflation while managing economic risks. The Fed sets policy on Wednesday, the Bank of England on Thursday, and the Bank of Japan on Friday.
- US Treasury yields rose slightly, while a measure of dollar strength fell.
- ECB's Villeroy: The ECB will keep rates at 4% for as long as needed.