European markets show optimism, but oil remains expensive.

European markets rose on Tuesday, March 10. Hence, after the previous sessions, the main European indices appear positive, although oil prices remain high.

The CAC 40 closed up 1.89%, while the FTSE MIB led the gains with an increase of 2.55%. In the United Kingdom, the FTSE 100 rose by 1.60%, while in Germany, the DAX recorded a 2.35% gain.

Even more clear was the rise of the IBEX 35 in Spain, which gained 2.92%. Overall, the STOXX Europe 600 also performed positively, increasing by 2.06%, signaling widespread optimism in European markets after the previous three sessions, which had seen overall declines.

Additionally, crude oil returned to a price below 100 dollars per barrel. To be more precise, Brent stood at 92.49 dollars, while West Texas Intermediate returned to 88.13 dollars, with a loss of 7.12% compared to yesterday’s closing session.

The automotive sector also shows signs of optimism. Indeed, after a year of underwhelming sales, the German giant saw its shares rise by 3.60%. In particular, the leading automobile company reported a 53% drop in operating profit year-on-year. A recovery was also seen for Stellantis: after a period of losses, the company opened this morning’s session with a 2.62% gain.

Benedetta Zimone