European stocks start moderately higher

August 9, 2016

On Tuesday, European shares started moderately higher as Friday’s positive American jobs data kept backing market sentiment, though lower crude prices were expected to pair revenues.   

During European morning session, the EURO STOXX 50 gained 0.12%, French CAC 40 earned 0.11% and German DAX 30 soared 0.12%.

Optimism over the strength of the American economy was spurred after on Friday, the Labor Department announced that last month the American economy generated extra 255,000 jobs, above expectations for 180,000.

However, on Tuesday, crude prices moved back lower as global oversupply worries overshadowed rumors of a potential agreement among crude producers to freeze output.

Energy stocks weakened moderately as French gas and oil major Total SA sagged 0.10%, while Italian  ENI descended 0.15% and Norwegian competitor Statoil slumped 0.22%.

In the financial sector, shares were mostly higher because French lenders BNP Paribas as well as Societe Generale headed north 0.32% and 0.72% respectively, while German Deutsche Bank gained 0.28%.

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