European Markets Down on Wednesday; Crude Oil Prices Rise


European markets struggled on Wednesday despite less pressure on energy stocks due to oil prices rising. Crude oil futures are up to $38.12 a barrel, up 1.61% on the day. The increase helped energy stocks regain ground, with France’s Total SA (TOTF) up 1.17% on the day, Gazprom (GAZP) up, 0.86% and ENI (ENI) up over 1% on Wednesday.

Financial stocks were up higher in early morning trading, but have since fallen across the board. BNP Paribas (BNPP) is down 1.23%, Societe Generale (SOGN) fell 0.25% and Germany’s Deutsche Bank (DBKGn) slipped 51% on the day.

London’s FTSE 100 is down 0.19% despite being a commodity-heavy market. The Euro Stoxx 50 slipped 0.73%, the CAC 40 slipped 0.94%, and Germany’s DAX is down 0.73% on Wednesday.

Mario Draghi, the European Central Bank’s president, announced on Friday that the bank will be increasing stimulus measures in an effort to increase the inflation rate in the euro zone. The announcement was met with mixed results, and has caused the European markets to falter even more in early December.

One of the biggest gains on the day comes from Ashtead Group (AHT) following the company’s announcement that revenue grew 18% in the first half of the year. Shares of the company are up 9.12% on the news.

Jacob Maslow is a native New Yorker with  five children. He left his payroll manager position after finding that his true passion was in writing, and has never looked back.

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