European stock markets decline with oil above $120 | markets

European stock markets open today with lower oil prices. The Ibex index fell 0.5% and lost 8800 points, a level that it regained yesterday after recording a rise of 1.2%. Within the index, Rovi, IAG and ArcelorMittal were the biggest decliners, around 1%, while the biggest gains were for Almirall and Ferrovial.

On Wall Street, the Dow Jones fell 0.08% yesterday, the S&P 500 rose 0.20%, and the Nasdaq Composite rose 0.25%. Growth stocks rose 0.3%, more than double their 0.1% gain in share value.

US Treasury yields rose as the market approached $96 billion in debt this week and pending data on Friday is expected to show that US inflation remains elevated.

The consumer price index is expected to have risen 0.7% last month, up from 0.3% in April, and annual inflation at 8.3%, according to the median estimate of economists polled by Reuters.

The yield on the 10-year Treasury rose 8.5 basis points to 3.040%, the first time the benchmark yield has exceeded 3% in nearly three weeks.

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Oil prices rose on Tuesday on the back of an expected rebound in demand in China, as the world’s second-largest economy eases strict restrictions related to the emerging coronavirus, and on doubts that a higher production target by OPEC+ producers is easing supply tightness.

Brent crude futures rose 76 cents, or 0.6%, at $120.27 a barrel, while US West Texas Intermediate crude futures rose 83 cents, or 0.7%, to $119.33 a barrel. $120.99 on Monday.

Beijing and malls have returned to normal in recent days after two months of painful shutdowns to stem the outbreak of the Omicron variant, traffic bans were lifted and restaurants opened for dinner on Monday in most parts of Beijing.