Sept 25 (Reuters) – European shares inched higher on Friday and were headed for a weekly gain as oil prices retreated, although investors remained cautious about developments in the Middle East.
The pan-European STOXX 600 rose 0.7% to 640.66 points by 0704 GMT, putting the benchmark on course for its first weekly advance after three consecutive weekly losses. Most regional bourses also traded higher.
Oil prices eased after two sessions of gains, as investors weighed the possibility of a US-Iran truce against Iranian President Masoud Pezeshkian’s pledge never to surrender and the bombing of Saudi Arabia by Houthi rebels. [O/R]
Energy shares were among the top decliners, falling 0.7%.
Airline stocks, which are sensitive to fuel costs, advanced, with Ryanair and Lufthansa gaining more than 2% each. Travel stocks and leisure index rose 1.2%.
Separately, German consumer sentiment weakened more sharply than expected heading into October, as rising energy prices soured households’ income outlook, a survey showed. Germany’s benchmark DAX was up 0.6%.
Among individual stocks, Finland’s Konecranes climbed 5.1% after the industrial equipment maker launched a buyback programme and raised its financial targets.
(Reporting by Sudeshna Ghoshal in Bengaluru; Editing by Sherry Jacob-Phillips)
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