Live Markets: Half-time in Europe: stocks get a boost
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HALF-TIME IN EUROPE: STOCKS GET A BOOST
We're about half-way through Europe's trading session, and after muted start, European equities have gotten quite the boost from a pullback in oil prices.
Those fell to a two-week low on the prospect of increased supply from the Gulf. For one, a senior Iranian official told Reuters that Iran can reopen the strait within seven days if the United States eases military pressure and lifts its blockade on Iranian ports.
Three sources briefed on the matter also said Saudi Arabia has restarted operations at its East-West Pipeline and could resume exports from the Red Sea port of Yanbu later on Tuesday.
Brent crude futures LCOc1 were last around 2.8% lower on the day, back below the $100 mark at $97.46 a barrel.
Europe's STOXX 600 .STOXX reversed an earlier nudge lower and was last up 0.5% on the day, extending Monday's roughly 1% rise.
Retail stocks .SXRP continued to lead gains, up 2.6% and on track for their biggest daily rise since early May, while oil and gas shares .SXEP were among the biggest laggards alongside telecomunications names .SXKP.
(Sophie Kiderlin)
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