European shares rise, oil drops

The pan-European ⁠STOXX 600 rose 1 per cent ​to 615.62 points, marking a second day of gains

European shares ​rose on Wednesday, with oil ‌prices dropping and investor optimism rising after U.S. President Donald Trump ​cited “great progress” toward a ​comprehensive peace agreement with Iran.

The pan-European ⁠STOXX 600 rose 1 per cent ​to 615.62 points, as of ​0703 GMT, marking a second day of gains. Major bourses were also ​higher, with London’s FTSE ​100 and Spain’s IBEX 35 both up over ⁠1 per cent each.

Energy-dependent Europe has lagged major global markets that have hit record highs driven by ​artificial intelligence-led ​optimism.

Novo ⁠Nordisk added nearly 7 per cent after the Wegovy-maker reported first-quarter ​revenue and adjusted operating ​profit ⁠above expectations, slightly raising its full-year outlook.

Norwegian energy group Equino slipped ​5 per cent and German ​carmaker BMW’s shares rose 4.6 per cent after posting ​their quarterly results.

U.K. stocks were lower after the close on Tuesday, as losses in the Banking, Food & Drug Retailers and General Retailers sectors led shares lower.

Falling stocks outnumbered advancing ones on the London Stock Exchange by 894 to 854 and 527 ended unchanged.

Shares in Entain PLC dropped to 52-week lows; declining 6.45 per cent or 36.60 to 531.20.

Gold Futures for June delivery was up 0.92 per cent or 41.91 to $4,575.21 a troy ounce. Elsewhere in commodities trading, Crude oil for delivery in June declined 4.26 per cent or 4.53 to hit $101.89 a barrel, while the July Brent oil contract shed 3.51 per cent or 4.02 to trade at $110.42 a barrel.