European Stocks Open Steady as Oil Equities Slide, ING Jumps
European Stocks Open Steady as Oil Equities Slide, ING Jumps
(Bloomberg) -- European equities opened little changed after ending the worst month since January 2016 as investors focused on company earnings.
The Stoxx Europe 600 Index was down less than 0.1 percent after losing 5.6 percent last month. ING Groep NV surged 4.2 percent after third-quarter underlying pretax profit beat estimates. BP Plc and Total SA declined as oil extended losses after the worst month in more than two years on lingering concern over a supply glut.
European equities jumped the most since April on Wednesday as investors bought undervalued stocks on the last day of a miserable month. Global stocks were pummeled in October amid investor concerns about rising interest rates and slowing growth. Earnings continue to be at the forefront of investors’ minds as they look for signals that tariffs or the economic slowdown are eating into profits.
“The macro and geopolitical outlook didn’t change, but the mood appeared to have lightened and buyers entered the fold,” David Madden, an analyst at CMC Markets U.K., said in a note.
To contact the reporter on this story: Ksenia Galouchko in London at kgalouchko1@bloomberg.net
To contact the editors responsible for this story: Blaise Robinson at brobinson58@bloomberg.net, Jon Menon
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