Europe ends higher on oil prices, anticipation of rate cut

Monday, 22. July 2019 17:36

European stock markets closed on Monday amid the increasing geopolitical uncertainties in the Persian Gulf. The United Kingdom called on Iran to release the seized oil tanker "immediately," while Iran's top diplomat Mohammad Javad Zarif continued to accuse the West of conducting "economic terrorism." Yields of European sovereign debt continued to slide in the expectation that the United States Federal Reserve would lower its interest rate, while Germany's central bank warned that the Eurozone's largest economy has contracted in the second quarter of 2019.

The FTSE 100 ended the session mostly flat. The DAX closed 0.24% higher, pushed up by tech and fintech stocks, with Wirecard AG gaining 2.38%. The CAC 40 was up by 0.11% shortly before the closing bell, with both Accor and ArcelorMittal SA advancing by 2.15%.

The euro decreased by 0.03% against the dollar, changing hands for 1.12189 at 5:30 pm CET, while sterling lost 0.13% against the greenback, to go for 1.24869 concurrently.

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