European stocks dip, but energy shares get support from growing oil
On Monday, European shares edged lower with gloom over the market because Chinese data revealed global growth worries, but growing oil drove revenues in energy shares.
The Stoxx Europe 600 went down 0.5%, trading at 333.89.
European stocks lost ground on Monday right after data issued over the weekend from China demonstrating figures for retail sales, industrial output and fixed-asset income in April. That definitely ruined experts’ expectations.
As to whether it will generate another round of economic stimulus remains to be seen soon, though risk sentiment isn’t very strong now as some analysts state.
However, with any prospect of further stimulus, mining stocks pushed higher along with revenues for metal prices. Boliden SE acquired 1.4%, while Anglo American PLC soared 5.5%.
Meanwhile, crude prices surged almost 2% with Brent oil trading closer to $49 per barrel when Goldman Sachs told that in May the crude market has most likely shifted from glut to deficit.