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EUROPE MARKETS: European Stock Markets Fall As Oil Producers Surge And Airlines Tumble On Saudi Attack

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09/16/2019 | 05:16am EDT

By Steve Goldstein, MarketWatch

European stock markets fell on Monday as traders reacted to the news of the attack that took half of Saudi Arabia's oil output offline, sending oil producers much higher while airlines struggled.

The broader Stoxx Europe 600 fell 0.63% to 389.31 in a move that masked a major split.

Majors like BP (BP.LN) and Royal Dutch Shell rallied as explorers including Aker BP (AKERBP.OS) surged.

Airlines including Air France-KLM that are sensitive to jet fuel costs tumbled, as did cruise operator Carnival . Banks that have rallied of late also dropped, with Deutsche Bank and Commerzbank lower.

The German DAX weakened 0.65% to 12387.81, the French CAC 40 fell 0.78% to 5611.15 and the U.K. FTSE 100 fell 0.36% to 7341.03.

Oil prices were off the day's highs but still strong, with Brent crude oil futures up over $5 a barrel, a gain of about 9%.

"To take out over 5% of global supply (in the country with the bulk of 'spare capacity') in a single strike - a volume exceeding cumulative non-OPEC supply growth over 2014-2018 - is highly worrying," said Jon Rigby, an analyst at UBS.

"While U.S.-China trade and U.S. oil supply growth have been the primary price drivers we see a return of the political risk premium as the market has been arguably complacent about risk events," he said, adding its upside scenario would see oil getting to $80.

U.S. stock futures were weaker as well, while the yield on the 10-year fell 4 basis points to 1.86%.

Outside of the big oil news, H&M shares (HM-B.SK) fell 1.9% after climbing over 50% over the last 12 months. The Swedish chain reported a 12% rise in third-quarter sales and said it had well-receiver summer collections and increased market share.

Stocks mentioned in the article
ChangeLast1st jan.
AIR FRANCE-KLM 1.30% 10.14 Real-time Quote.5.59%
AKER BP ASA -2.76% 243.4 Delayed Quote.12.66%
BP PLC -0.16% 492.75 Delayed Quote.-0.48%
CAC 40 -0.40% 5643.08 Real-time Quote.17.72%
CAC 40 INDEX FUTURE (FCE) - LIF/C1 -0.47% 5638.5 Delayed Quote.17.75%
CARNIVAL PLC -0.29% 3110 Delayed Quote.-17.11%
COMMERZBANK AG 0.69% 5.232 Delayed Quote.-10.15%
DAX -0.20% 12486.56 Delayed Quote.18.49%
DEUTSCHE BANK AG 0.81% 6.852 Delayed Quote.-2.44%
EURO STOXX 50 -0.38% 3556.26 Delayed Quote.16.41%
FTSE 100 INDEX 0.28% 7234.11 End-of-day quote.0.00%
ROYAL DUTCH SHELL -0.49% 26.16 Delayed Quote.2.48%
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