European Markets Up on Tuesday After Oil Prices Rebound

Photo of author

By Jacob Maslow

The European stock market opened the day higher on Tuesday. The market is up across the board following the slight rebound in oil prices, and the focus switching to the Federal Reserve meeting policy that takes place on December 15 and December 16. Investors are cautiously watching the Fed in anticipation that interest rates will rise in the United States.

Several European indexes are up on the day. The Euro Stoxx 50 is currently up 2.87%, Germany’s DAX 30 is up 2.83%, and France’s CAC 40 is up 3% on the day.

Oil prices fell to the lowest level since 2009 on Monday, causing markets in Europe to fluctuate dramatically. There is an expectation that the oil supply glut will continue into 2016, but the price of oil inched back up on Tuesday above $35 a barrel, providing spark for European markets.

Financial stocks were up on the day, with BNP Paribas (EPA:BNP) gaining 4.2%, Commerzbank (CBKG) rallying 3.99%, and Societe Generale (SOGN) up 3.79% on the day. Italy’s Unicredit (CRDI) rallied in early morning trading, up 4.39%, while Intese Sanpaolo (ISP) rallied 4.09% on the day.

London’s FTSE 100 is also up 2.44% on Tuesday with sharp gains seen in the mining sector. Glencore (GLEN) surged back up over 3% on Tuesday following a major decline on Monday.

Images Courtesy of DepositPhotos