Stocks Gain; Crude Oil Surges on Russia Sanctions: Markets Wrap
(Bloomberg) — European stocks hovered near a record peak as third-quarter earnings continued to flow in. Crude oil jumped to a two-week high after US President Donald Trump imposed sanctions on Russia’s biggest producers.
The Stoxx Europe 600 index gained about 0.2%, with energy stocks climbing more than 2%. Nokia Oyj jumped 10% after third-quarter profit blew past analyst estimates, driven by demand for artificial intelligence and cloud services. Gucci owner Kering SA surged after reporting better-than-feared sales. Software firm Dassault Systemes SE and gambling operator Evolution AB plunged after underwhelming results.
Futures on the S&P 500 and Nasdaq 100 edged higher, while gold steadied after two days of steep declines as the Trump administration’s latest trade threats introduced fresh tension into US-China relations.
Brent crude surged almost 4% to trade near $65 a barrel after the US blacklisted state-run Russian giants Rosneft PJSC and Lukoil PJSC, citing Moscow’s lack of commitment to peace in Ukraine. Refinery executives in India — a key buyer of Russian crude — said the restrictions would make it impossible for flows to continue.
Earnings so far have been broadly positive, but a mix of macro fears has injected a note of nervousness into global markets after stocks and gold reached new record highs. The Trump administration said it’s considering curbs on software exports to China, risking another escalation of the trade dispute. In the US, assets favored by retail momentum traders had taken the worst losses, among them precious metals, crypto and artificial intelligence stocks.
“Previously leading momentum trades across multiple asset classes are now retreating,” said Dilin Wu, a strategist at Pepperstone Group Ltd. “The bigger risk comes from earnings. Strong results could stabilize sentiment, but any disappointments — especially from growth or tech stocks — could intensify the current retracement.”
Among companies reporting in Europe on Thursday:
Unilever Plc’s third-quarter sales rose more than expected, driven by strong demand in developed markets. Roche Holding AG raised its forecast for earnings this year, led by demand for medicines for auto-immune diseases and cancer. Lloyds Banking Group Plc raised its outlook for net interest income despite forecasting slow UK economic growth and a fall in third-quarter earnings. STMicroelectronics NV forecast fourth-quarter revenue that missed analysts’ expectations, signaling that a long-awaited recovery in the chip industry may be faltering. SAP SE, Europe’s most valuable software company, reported third-quarter cloud revenue that missed analysts’ estimates in a sign that trade disputes and a weaker economy are weighing on sales. Schroders Plc reported net inflows in the third quarter, helped by demand for its pensions services and alternatives funds. Volvo Car AB reported better-than-expected profit as the automaker benefited from the effects of its 18 billion-kronor ($1.9 billion) cost-saving program. Orange SA reported an increase in third-quarter revenue and raised its earnings outlook for the year after the French telecommunications company gained ground in its home market of France and in Africa and the Middle East. Renault SA’s third-quarter sales rose, helped by demand for new models such as the Dacia Bigster as well as higher revenue at the company’s financial services arm. On Wall Street, the Nasdaq 100 lost 1% after a disappointing outlook from Texas Instruments Inc. and a 10% slump in Netflix Inc. In late hours, Tesla Inc. slid as earnings missed estimates despite a sales surge.
The yield on 10-year Treasuries advanced three basis points. The dollar index was steady.
Elsewhere, Chinese officials conclude their Fourth Plenum gathering in Beijing, with a readout expected later in the day. Treasury Secretary Scott Bessent is expected to huddle with his Chinese counterparts over the weekend ahead of the Trump-Xi talks.
The markets are jittery about the US-China tensions, and “though it could probably be just another TACO situation, and even though everyone knows that’s how it goes, there are still people who have to react until things settle down,” said Ryuta Otsuka, a strategist at Toyo Securities.
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Some of the main moves in markets:
Stocks
The Stoxx Europe 600 rose 0.2% as of 8:39 a.m. London time S&P 500 futures rose 0.1% Nasdaq 100 futures rose 0.2% Futures on the Dow Jones Industrial Average fell 0.1% The MSCI Asia Pacific Index fell 0.3% The MSCI Emerging Markets Index was little changed Currencies
The Bloomberg Dollar Spot Index was little changed The euro fell 0.2% to $1.1593 The Japanese yen fell 0.3% to 152.48 per dollar The offshore yuan was little changed at 7.1253 per dollar The British pound was little changed at $1.3347 Cryptocurrencies
Bitcoin rose 1.5% to $109,337.43 Ether rose 2.5% to $3,877.03 Bonds
The yield on 10-year Treasuries advanced three basis points to 3.98% Germany’s 10-year yield advanced one basis point to 2.58% Britain’s 10-year yield was little changed at 4.42% Commodities
Brent crude rose 3.4% to $64.71 a barrel Spot gold was little changed This story was produced with the assistance of Bloomberg Automation.
–With assistance from Richard Henderson, Jiyeun Lee and Winnie Hsu.
©2025 Bloomberg L.P.
