European Stocks Rise Amid Falling Oil Prices
European stocks rose on Wednesday as oil prices fell and investors pared bets on interest rate hikes from the European Central Bank (ECB). The Stoxx Europe 600 index increased by 0.6% as of 12:36 pm in London.
Chip stocks led the advance, with ASML Holding rising 3.5%. Oil and gas companies were the biggest laggards, pulling back from record highs as Brent crude oil fell below $105 a barrel after flows resumed through a key pipeline in Saudi Arabia.
Julius Baer Group rallied by 9% after Swiss regulatory action against the bank ended. The bank said it applied for permission to resume share buybacks following the conclusion of Finma's enforcement procedure.
The market is now pricing a 34% chance of an interest rate hike from the ECB, down from earlier bets on an October increase. Traders have pulled back from these bets after seemingly dovish comments from ECB President Christine Lagarde.