European shares drop but US stocks fare better on big bank earnings beat
|While European stocks continue to slide, their US peers fare better due to strong earnings by some of the country's largest banks, says Axel Rudolph, Senior Market Analyst at online trading platform IG.
European indices slide but US counterparts don't
“Following China deflation worries, after inflation data missed expectations of a rise, and heightened tensions in the Middle East, European stock indices ended the week on a negative note. Their US counterparts fared better though as major US banks reported rising profits from higher interest rates on loans. They did warn that the economy was slowing as customers depleted their savings, though. In other news, XBox maker Microsoft closed its $69billion deal for Activision Blizzard as the UK regulator gave it the green light."
Oil and gas prices surge amid Middle East conflict
“Oil and gas prices rallied as Qatar mooted the possibility of an export ban on gas as long as Israel maintains its blockade of Gaza and as the US tightened sanctions against Russian crude exports. The oil price surged by over 3% on Friday and natural gas futures in Europe by around 40% this week as cooler temperatures are expected to lead to increased demand and supply concerns bite."
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