European stocks open with positive results despite the rise in oil prices – 09/03/2022 – Market

European stock markets opened with positive signs on Wednesday (8) With the rise in oil prices. Part of the Asian market also recovered, but was affected by the fall of Hong Kong.

The price of a barrel of oil, which was already high in January due to supply concerns and expectations of a global economic recovery, has risen since Russia launched its invasion of Ukraine on February 24. Oil is now almost twice its price in early December.

More pressure on fuel prices, US President Joe Biden On Tuesday (8) it imposed an oil import embargo in response to the invasion of Ukraine.

The UK also announced that it will phase out imports of Russian oil and its derivatives by the end of 2022.

At 4:00 AM ET, Brent crude was trading at $130.38 a barrel, up 1.88% on the day, but still far from the $139.13 peak reached on Monday (7).

Russia said earlier this week, That prices could rise to $300 a barrel and that the country could shut down its main gas pipeline to Germany If the West cut off its oil exports.

The British Stock Exchange, around 5:30 am, was up 2.2%. Earlier, German shares and the pan-European index also rose about 2%.

Chinese stocks struggled in the morning session after inflation data showed a combination of weak domestic demand and higher commodity prices with persistent coronavirus cases. In Hong Kong, where infections are at record numbers, the stock market is down 2%.

However, the entire region was not affected by the Chinese performance, with Australia seeing a gain of 1.04% and Taiwan of 1.13%.

The gains represent a turning point, after else A day in red on Wall Street. Asian markets are trying to stabilize after three sessions of sharp losses that saw the MSCI index plunge more than 6% to its lowest level since late September.