European stocks gain as oil jumps on West Asia tensions
European stocks struggled higher on Monday, shrugging off dialled-down expectations for a big US rate cut this month, while escalating tensions in West Asia boosted safe-haven assets and oil prices.
MSCI’s broad index of world stocks slipped 0.2 per cent, pulling further away from the near-year-and-a-half high reached earlier in June after falls in much of Asia.
Europe’s regional STOXX 600 index gained 0.1 per cent, Germany’s DAX and France’s CAC rose 0.3 per cent and Britain’s FTSE jumped 0.5 per cent.
Energy stocks booked the largest gains in Europe after crude oil prices jumped at least $1 per barrel, on concern that Iran’s seizure of a British tanker last week may lead to disruptions in West Asia.
