Oil and mining strength helps European stocks shrug off trade rhetoric

  • Reuters
  • Stock Market News
Oil and mining strength helps European stocks shrug off trade rhetoric
Credit: © Reuters.

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LONDON, Sept 12 (Reuters) - Robust oil and mining stocks drove European shares up on Wednesday as investors shrugged off a weaker session in Asia amid rising tensions between the United States and China.

The pan-European STOXX 600 .STOXX and eurozone STOXX .STOXXE were both up 0.2 percent by 0726 GMT, despite sharp falls in Asian stocks after U.S. President Donald Trump said the United States is taking a "tough stance" with China on trade.

Oil stocks .SXEP rose 1.2 percent after crude prices climbed thanks to falling U.S. crude inventories, while miners .SXPP climbed 1 percent.

Individual stocks posted big moves triggered by results and M&A speculation.

Dutch biotech firm Galapagos GLPG.AS soared 16.2 percent to the top of the STOXX after positive trial results for its filgotinib drug to treat rheumatoid arthritis. energy provider SSE SSE.L sank 8.5 percent after it warned first-half profit would halve compared with last year, calling its financial performance "disappointing and regrettable". Centrica CNA.L also fell 3.1 percent.

Shares in Zara owner Inditex ITX.MC meanwhile rose 2 percent to the top of Spain's IBEX .IBEX after the fashion retailer said it expected profit margin growth in the second half. Ferragamo SFER.MI topped Italy's FTSE MIB .FTMIB with a 4.3 percent rise, after traders cited rumours about a potential M&A deal.

The family that controls the fashion group is not interested in selling its stake, a spokeswoman for the group said. HPOLb.ST shares rose 3.9 percent after the Swedish chemicals firm said it acquired U.S. rubber compounder Kirkhill Rubber. research also moved some stocks. German utility E.ON EONGn.DE fell 3.5 percent to the bottom of the DAX after Morgan Stanley (NYSE: MS ) analysts cut their target price on the stock.

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