Europe collectively declines as high oil prices drag down industrial and consumer stocks

Glonghui, April 30 – Rising oil prices dragged down industrial stocks and consumer-sensitive shares, leading to a lower open for European stocks. The release of numerous corporate earnings reports also triggered significant volatility in individual stocks. Germany's DAX index, which is heavily weighted with industrial stocks, fell 1%, with automobile stocks plunging markedly after Volkswagen reported a decline in first-quarter revenue. France's CAC 40 index dropped 1.2%, led lower by banking stocks, as Crédit Agricole slid 4.7%. Stellantis declined 7.4% after releasing its results. The UK's FTSE 100 index was flat, as gains in oil giants offset declines in other sectors within the index. Spain's IBEX 35 index opened down more than 3%, dragged lower by banking stocks with Banco Santander slipping 2.7%. Italy's FTSE MIB index fell 1.2%.