European shares rose on Tuesday, led by struggling aviation, luxury and travel stocks, although concerns over a power supply crisis on the continent and a possible global recession limited gains.
The pan-European STOXX 600 index closed up 0.49% at 417.04 points after opening lower and ending a three-day streak of gains in Monday’s session.
LVMH and L’Oreal advanced 1.1% and 2.8%, respectively, while planemaker Airbus jumped 3.9%, which boosted the French CAC 40 index.
Travel and leisure stocks gained 1.6%, with oil prices below $100 a barrel on growing concerns about a global economic slowdown.
Meanwhile, fears are mounting that a maintenance shutdown on the Nord Stream 1 pipeline, which carries gas from Russia to Germany, will be extended due to the Russia-Ukraine war, affecting the region’s energy supplies.
Investors are worried that Russian President Vladimir Putin could use gas as a weapon in retaliation for Western sanctions for his invasion of Ukraine, said Andrea Cicione, head of strategy at TS Lombard.
“This could get worse and people kind of expect it, but it’s not fully in the price just yet,” he said.
- In London, the Financial Times index advanced 0.18%, to 7,209.86 points;
- In Frankfurt, the DAX index rose 0.57% to 12,905.48 points;
- In Paris, the CAC-40 index gained 0.80% to 6,044.20 points;
- In Milan, the Ftse/Mib index had a devaluation of 0.38%, to 21,485.70 points;
- In Madrid, the Ibex-35 index registered a drop of 0.62%, to 8,014.80 points;
- In Lisbon, the PSI20 index fell by 1.34%, to 5,920.56 points.
Source: CNN Brasil
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