European shares rise as energy stocks shine on wider Middle East conflict
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STOXX 600 up 0.2%
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Updated at 0815 GMT
By Pranav Kashyap
Oct 4 (Reuters) -European shares inched higher on Friday, supported by regional energy stocks after crude oil prices climbed on concerns over a deeper conflict in the Middle East.
The pan-European STOXX 600 .STOXX edged 0.2% higher. Still, the index is on track for its worst week since Sept. 2, if losses hold.
The index tumbled by nearly 2% this week as investors shied away from making significant bets amid escalating tensions in the Middle East.
The only sector to shine was energy .SXEP, with a 4.5% jump so far this week. The sector is on track for its best weekly performance in nearly six months, and also stood out as the sole sub-index to register positive gains this week. O/R
Automobile .SXAP, on the other hand, was the worst-performing sector this week with a nearly 7% slump. The dour performance was led by Italian-American automaker Stellantis STLAM.MI, which lost nearly 17% this week after a profit warning and sustainability of the company's dividend.
"The tensions in the Middle East are definitely giving investors a pause, but I wouldn't really say a risk-off sentiment. Investors are still trying to weigh the implications and it's very difficult in Europe," said Thomas Gehlen, senior market strategist at SG Kleinwort Hambros.
Investors will be on the lookout for speeches by a slew of ECB officials - Luis de Guindos, Claudia Buch and Frank Elderson - who are set to speak at various events through the day.
All eyes will also be on the European Central Bank as it convenes on Oct. 17 to decide on borrowing costs, with traders fully pricing in a rate cut.
"ECB doesn't quite have the history as the U.S. Fed does for making huge moves. The situation isn't as bad for an emergency cut. However, we do expect them to cut by 25 basis points and keep cutting over the coming months," Gehlen added.
Rate-sensitive real estate stocks .SX86P also provided support with a nearly 1% jump.
Among individual stocks, Denmark's DSV DSV.CO jumped 6.4% after the Danish transport firm raised $5.5 billion in a share issue to partially finance its acquisition of Schenker.
Shares of shipping groups dropped after dockworkers and port operators in the U.S. East Coast reached a wage deal to settle the industry's biggest work stoppage in nearly half a century.
Shares of A.P6 Moeller-Maersk MAERSKb.CO and Hapag-Lloyd HLAG.DE slipped 7.5% and 12.4%, respectively.
Reporting by Pranav Kashyap in Bengaluru; Editing by Sherry Jacob-Phillips
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