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Oil stocks buoy European shares as US pulls out of Iran deal

European shares were supported on Wednesday by strength in oil stocks after U.S. President Donald Trump pulled the United States out of Iran’s nuclear agreement, boosting crude prices.

While some well-received earnings updates also provided support, shares in companies with exposure to Iran fell, with plane maker Airbus and car makers Renault RENA.PA and PSA PEUP.PA all trading down more than 1 percent. 0823 GMT, the pan-European STOXX 600 .STOXX had risen nearly 0.2 percent to fresh three-month highs, while higher crude prices helped the commodity-stocks-heavy FTSE index .FTSE gain 0.4 percent.

The oil and gas index .SXEP was the biggest sectoral gainer, up 1.5 percent at a three-year high as crude rallied after Trump’s move on Iran raised the risk of conflict in the Middle East and cast uncertainty over global supplies. other signatories remain onboard, Trump’s decision potentially turns the geopolitical instability dial up a notch, especially in the Middle East,” said Accendo Markets analysts in a note.

Shares in oil majors Total TOTF.PA , Royal Dutch Shell RDSa.L and Eni ENI.MI were all trading up between 1.1 and 2.3 percent.

But higher oil prices weighed on travel stocks like airlines, whose sector index .SXTP was also hit by a 1.8 drop in Europe’s largest travel and tourism group TUI Group TUIT.L , as its earnings update failed to inspire. Siemens SIEGn.DE rose 4.6 percent after the German industrial giant raised its full year profit guidance, offsetting worries over exposure to Iran. at Jefferies reiterated their buy rating on the stock, saying the quarterly performance of Siemens was strong apart from the results of its power and gas (PG) business.