European Midday Briefing: Shares Rise, Oil Falls as Investors Shift Focus Back to Data

MARKET WRAPS

Stocks:

European shares were up while oil prices slipped Monday, with banking and technology stocks gaining after last week's tumultuous trading.

"Global equities staged an aggressive relief rally on Monday morning as dip buyers stepped in to stem the bleeding from last week's brutal technology rout," Tickmill Group said.

Meanwhile, Brent crude remained below $100 a barrel after President Trump played down the likelihood of further U.S. strikes on Iran, even as attacks on Saudi Arabia and fresh incidents involving tankers in the Strait of Hormuz highlighted continuing risks to Middle Eastern oil supplies.

The eurozone's flash estimate of third-quarter gross domestic product will be released Friday and will be the main focus in an otherwise quiet week for data.

"We think both the Federal Reserve and European Central Bank will opt for one more hike...but data on the impact of elevated energy prices is critical for policymakers," Investec said.

For the day ahead, European finance ministers gather in Brussels, where they are expected to discuss a successor to Christine Lagarde as president of the European Central Bank. Separately, Bank of England Governor Andrew Bailey will give a speech.

Economic insight

German exports rebounded in September, offering some relief to manufacturers after a volatile summer, but faster growth in imports weighed on the country's trade surplus.

U.S. Markets:

Stock futures were mixed with the Nasdaq set to decline after Nvidia announced it was opening an investigation "in light of recent reporting that founder and CEO Jensen Huang has been the target of a foreign intelligence effort."

Investors are currently awaiting the next batch of inflation data. The consumer price index is due to be released on Tuesday, while the producer price index will be out on Friday.

Forex:

The euro rose, but the currency could depreciate as the political and fiscal challenges in France could weigh on the currency, Convera said.

The dollar eased as investors looked to inflation data for signals over the timing of potential further interest-rate rises by the Fed. The inflation data on Tuesday will follow stronger-than-expected U.S. nonfarm payrolls data on Friday last week.

Sterling rose, and could rise further, supported by steady economic growth in the U.K., Convera said.

ING said the currency might struggle to rise further against the euro as it looks overvalued and expectations for further U.K. interest rate rises are far too aggressive. Bonds:

U.S. and eurozone government bond yields turned higher on Monday, reversing earlier declines as investors pivoted back to economic fundamentals and the likelihood of December interest-rate hikes by the Fed and the ECB. U.S. consumer inflation data on Tuesday should provide an important indication of whether the unexpected rise in core inflation in September was a one-off occurrence, said LBBW.

Energy:

Oil prices fell more than 1% after President Trump told CNN it was "highly unlikely" he would order renewed attacks on Iran as long as peace negotiations continue to progress.

Metals:

Gold rose above $4,100 a troy ounce as lower oil prices eased inflation concerns, with focus on Middle East developments and U.S. inflation data due later this week.

EMEA HEADLINES

Crédit Agricole Proposes Merger of Italian Business With Banco BPM

Crédit Agricole said Monday it has proposed discussions over a possible merger of its Italian business with Banco BPM, aimed at creating a broader financial group offering increased scale, services and resilience.

The French bank said the proposal, which has been submitted for evaluation by the Banco BPM board, would see a combined business built around the Italian lender, which would remain listed in Milan.

Intesa Gets Green Light From Italian Markets Regulator for Monte Dei Paschi Bid

Intesa Sanpaolo received approval from Italian markets regulator Consob to buy smaller peer Banca Monte dei Paschi di Siena, with the 35.04 billion euro ($39.05 billion) takeover offer set to launch later this month.

Consob on Sunday approved Intesa's offer document to buy Monte dei Paschi, which is widely considered to be the world's oldest bank still in operation.

UniCredit Raises Profit Guidance as Control of Commerzbank Nears

UniCredit raised its annual profit targets and reported higher earnings for the third quarter, as it nears the end of a takeover battle to take control of Germany's Commerzbank.

The Italian bank said on Monday it now expects to report net profit of well above 11.5 billion euros, equivalent to $12.82 billion, pre-extraordinary charges for 2026, up from its previous forecast for well above 11.0 billion euros.

German Trade Surplus Narrows Despite Rising Exports

German exports rebounded in September, offering some relief to manufacturers after a volatile summer, but faster growth in imports weighed on the country's trade surplus.

Exports increased 2.0% on month to 141.1 billion euros ($157.23 billion), compared with a 0.4% fall in August, Germany's statistics agency said Monday. Imports rose 4.2% to 125.5 billion euros.

GLOBAL NEWS

Oil Prices Fall, Staying Below $100, After Trump Downplays Prospect of New Iran Strikes

Oil prices fell Monday, with Brent crude remaining below $100 a barrel after President Trump played down the likelihood of further U.S. strikes on Iran, even as attacks on Saudi Arabia and fresh incidents involving tankers in the Strait of Hormuz highlighted continuing risks to Middle Eastern oil supplies.

Front-month Brent crude, the global oil benchmark, fell 1.3% to $97.01 a barrel, while West Texas Intermediate futures declined 0.7% to $90.17 a barrel.

U.S., Eurozone Bond Yields Turn Higher as Investors Shift Focus Back to Data

U.S. and eurozone government bond yields turned higher on Monday, reversing earlier declines as investors pivoted back to economic fundamentals and the likelihood of December interest-rate hikes by the Federal Reserve and the European Central Bank.

The 10-year Treasury yield rose 0.9 basis points to 4.869%, while Germany's 10-year Bund yield increased 1.7 basis points to 3.264%, according to Tradeweb.

China Producer Inflation Accelerates to Over Four-Year High

China's factory-gate prices rose at their fastest pace in more than four years last month as surging energy prices continued to push up production costs, while consumer inflation missed forecasts amid weak consumption.

The producer-price index climbed 5.7% from a year earlier, accelerating from September's 5.0% increase, data from the National Bureau of Statistics showed Monday. The reading topped the median forecast of a 5.3% increase from a Wall Street Journal poll of economists.

German Trade Surplus Narrows Despite Rising Exports

German exports rebounded in September, offering some relief to manufacturers after a volatile summer, but faster growth in imports weighed on the country's trade surplus.

Exports increased 2.0% on month to 141.1 billion euros ($157.23 billion), compared with a 0.4% fall in August, Germany's statistics agency said Monday. Imports rose 4.2% to 125.5 billion euros.

Former Trump Aides Feud Online, Trade Legal Threats in Bitter Election Fallout

Ahead of what would become a public feud on social media this weekend, James Blair, President Trump's former deputy chief of staff, sent Calley Means, a former top health adviser, a warning.

"If you are gonna try to knife me, I'm happy to return the favor," Blair told Means in a text message reviewed by The Wall Street Journal.

The New Political Era: Less Party Loyalty, Big Election Swings

President Trump's Republicans just found out the hard way what other political parties are seeing across western democracies: Voters are fed up, they have lost trust in political parties and they don't have much patience when they feel politicians aren't listening.

The massive shift in the midterm elections is a sign of a new political era taking hold from Paris, Texas, to Paris, France. Voters are becoming less attached to the parties their parents voted for and are more likely to try out new parties or new political pitches, on the left and right.

Trump Says He Was Kidding About Hiring Dana White as Press Secretary

WASHINGTON-President Trump said Sunday that he was joking about Ultimate Fighting Championship Chief Executive Dana White becoming his next White House press secretary.

"You would have thought that people would have said he's having a good time," Trump told reporters. "I will tell you I was only kidding."

Defeated Republicans Return to Washington With 55 Days Left and a Long Wish List

WASHINGTON-Bruised Republican lawmakers limp back into Washington on Monday, trying to decide what to do with the remaining 55 days of their majorities in the House and Senate after being thumped by Democrats in the midterms.

The lame-duck session is an opportunity for some final, single-party power plays and a chance to finish some bipartisan deals, particularly on permitting for major energy projects. But if the sour vibes prevail, expect only a few must-pass bills, a pile of judicial confirmations and an early Christmas for Congress.

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This article is a text version of a Wall Street Journal newsletter published earlier today.

(END) Dow Jones Newswires

November 09, 2026 05:15 ET (10:15 GMT)