Oil Pipeline Shutdown Sends European Stocks into a Tumble
European stocks were mixed in response to news that Saudi Arabia shut down a major oil pipeline following drone attacks. The pan-European Stoxx 600 index, which tracks the performance of 600 large-cap companies across Europe, edged lower by 0.04% to 638.8.
The UK's FTSE 100 was not immune to the impact, with oil stocks weighing on the index. However, the London market outperformed its European counterparts, gaining 0.58%, thanks in part to gains in oil-related companies and the defensive characteristics of the index.
In other economic news, Switzerland reported a decline in producer and import prices, falling by 0.7% year-over-year (Y/Y) in August. Meanwhile, consumer price inflation in Sweden rose by 0.3% Y/Y, while Finland's annual inflation rate reached 2.2%.
The US bond market saw a minor dip of 1 basis point to 5.00%, with the UK and Germany experiencing slight increases in their respective 10-year yields.