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Let's take a look now at some stocks on the move today in Europe. I'm Stephen Carroll and I'm joined by Bloomberg's Breaking News editor Louise Moan and Luise good morning. Let's start then with the moves that we are seeing in energy companies and the oil majors. As oil prices have spiked this morning.
Indeed, yeah, the main focus of the market this morning, as say, oil prices spiked, surging past one hundred dollars a barrel. That's as more Middle Eastern countries are starting to cut their output. Essentially, there's not enough space for storage storages filling up due to the closure of homas, and so more countries are starting to reduce the output. The UAE Kuwait joining a rock with that, of course,
others might be forced to also do the same going forward. Now, there's talks later today between the G seven finance ministers. They're going to talk about coordinating or potentially coordinating release of oil reserves. That has taken some slight heat out of the market, but essentially there's no signs of de escalation in the Middle East. Oil prices are surging and if you look at markets BP and Shell in London rising this morning, some of the only rises on the
foot seat one hundred this morning. And then you look kind of widely more across Europe, you've got the likes of equinorvar Energy, both in Oslo also rising into the green on the back of this. So as you say energy oil companies benefiting from these this surgeon pricing.
Indeed, another story of course being told of across the airline shares this morning.
Yeah, they're at the other end of the scale, so this is really hitting airlines even further. Obviously, fuel costs will increase on the back of this. This is on top of a host of other woes the airlines are facing on the back of the Middle East water. More than twenty seven thousand canceled flights, jets are displaced across the world. Routes are changing. You know that these could potentially become more expensive because they have to go via
longer routes to get to the destination. So total disruption of the aviation industry and this surgeon in costs this morning. Adding to that, So you've got in London, IAG ryanair Wiz, easy Jet all down across Europe to down more than three percent, air fronts down about five percent, So hitting the airlines today.
And what about the wider commodity space and the miners, the likes of Anglo American.
Yeah, it's a really interesting one that they're actually under pressure across Europe today. There was a note from JP Morgan which is kind of hitting that wider commodity sector. Essentially, they've reversed what was previously quite a positive view on the sector and they're saying that the impact of the
Middle East is yet to be fully discounted. So they highlighted the Russia Ukraine war and the precedent that that had that set on the sector, and they said that the reaction so far in the commodities and the miners seems to be benign from the Middle East war. So while they still see quite what they say, compelling longer term outlook, particularly for copper, and they're still very bullish on gold, that's being overshadowed by these near term risks.
So they issued a lot of downgrades across the sector, mostly concentrating on copper and on steels. As you say, Anglo American Antofagasta Rio Tinto all Cut Anglo leading the drags on the Footsie hundred this morning, and then across Europe basic resources the Basic resources index was the worst performer. What is the worst perform on the stocks six hundred, so a lot of pressure there.
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