Retail stocks were the worst performers in early trading as banking stocks headed for gains for a third consecutive day. Most European stock indices started the day flat to lower ahead of the release of the latest flash euro zone inflation figures at 10 a.m. GMT. In today’s European markets, Germany’s DAX was last seen trading 0.1 percent lower at 11567.00, U.K.’s FTSE also dipped 0.1 percent at 7172.50, France’s CAC was last seen trading flat at 4901.50while the Euro Stoxx also traded largely unchanged for the day at 3319.00 as of 9:00 GMT.
Oil rose on Wednesday, after top exporter Saudi Arabia announced its intention to increase prices for its crude as part of planned supply cuts. A strong USD and moderate economic growth prospects restricted gains however with U.S. West Texas Intermediate (WTI) crude futures CLc1 were trading at $52.80, up by 0.9 percent while Brent oil futures added 0.5 percent at $55.98 as of 9:00 GMT.
The gains came after an expected tightening of physical oil supplies, as major OPEC producers announced that they plan to cut crude output effective of this month in an effort to end a fuel glut that has dogged markets since 2014.
A new Star Wars movie led domestic films at the box office for the holiday weekend and endowed Walt Disney with an increase of 1.7 percent on its shares, giving the company its final push toward a unique milestone: the $3B mark. With $49.5M in the three days, the Star Wars story held its lead in box office sales for this year drawing $64.3M and after another solid weekend pushed to an impressive $789.7M worldwide. With all the 2016 numbers in, Disney became the first studio ever to mark a $3B year at the domestic box office.