European Shares Rise As Energy Shares Strengthen

European Shares Rise As Energy Shares Strengthen

European Shares Rise As Energy Shares Strengthen

Oil and gas company advances helped lift European shares higher on Monday as investors awaited eurozone inflation data in the wake of last week’s explosive consumer price report, which strengthened the case for the European Central Bank to raise interest rates.

To top increases among European oil and gas firms, the world’s largest energy company, BP (BP) Plc, increased by 3.0 per cent. A 0.6 per cent increase in travel and leisure businesses came behind them.

The ECB minutes will undoubtedly add some additional detail to what is happening behind the scenes. A lot of the recent economic data is roughly in line with predictions and simply kind of confirms people’s modest concerns.

Investors are concerned about the potential impact on economic growth from aggressive central bank actions to reduce inflation. On Monday, during a session that was impacted by a U.S. vacation, global markets rose as oil prices rose on worries of a shortage.

Output impedance from the OPEC gave oil a reprieve. The latest blow to China’s struggling real estate industry came from Chinese property developer Shimao Group, which failed to make interest and principal payments on a $1 billion offshore bond.

Without providing further specifics, it said that it also skipped principal payments on a few other offshore debt obligations.

According to that statement, the debtholders have not taken any steps to enact enforcement, as the developer has not received notification of an acceleration of payments from their lenders.

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Shimao appointed Admiralty Harbour Capital as its financial advisor and Sidley Austin as its legal advisor to assist in evaluating the liquidity situation and looking into potential solutions.

The Chinese developer is in need of money, so the creditors of its two syndicated loans have decided to give him a break. While its scheduled sales in the first five months fell, Shimao has been increasing its onshore debt commitments and selling assets to raise money.

Tesla (TSLA) Inc. delivered 18% fewer electric vehicles in the second quarter compared to the prior quarter as a result of China’s COVID 19-related supply chain disruption.

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