Crude drop drives price action
STOXX 600 up 0.2%
Energy top faller, airlines up
Ericsson sees demand recovery
Wall St futures steady
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CRUDE DROP DRIVES PRICE ACTION
European shares got off to a slightly higher start on Tuesday with the steep drop in crude oil shaping price action.
So, while oil & gas stocks .SXEP were among the biggest fallers, down over 2%, fuel-consuming airlines got a nice boost. Shares in easyJet EZJ.L and Lufthansa LHAG.DE were up around 4%, among the leading gainers on the STOXX 600.
The region-wide index .STOXX was last up 0.2%, while weakness in energy stocks pushed Norway's OBX .OBX index down 1%. LVMH LVMH.PA, which like other luxury plays is seen as a proxy for sentiment around China, fell over 1%.
Equipment maker Ericsson ERICb.ST was a bright spot, up 8% after upbeat numbers. Its gains pushed Europe's telecoms .SXKP up 1.3% to their highest since July 2022, adding to the defensive sector's recent strength.
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