European stocks were steady as investors were wary of making bets ahead of this week’s central bank meetings, while Brent oil’s rally to $95 triggered worries about inflation spiking again.
The Stoxx 600 Index was largely unchanged as of 8:14 a.m. in London, as a rally in autos and real estate stocks were offset by a drop in industrial goods and tech. Among single stocks, Banco Santander SA shares were slightly higher after it overhauled its corporate structure as Chief Executive Officer Hector Grisi seeks to simplify the company’s operations. Societe Generale SA, meanwhile, slipped again as BNP Paribas Exane and HSBC downgraded the bank’s rating.
The recent rally in oil prices plays an important role in the current equity selloff, says Mathieu Racheter, head of equity strategy at Bank Julius Baer. “It increases the pressure on leading central banks right when they are expected to be near the end of the tightening cycle.” “Overall we still view it as a healthy short-term correction. The secular bull market is still alive,” added Racheter.
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