Europe midday: Weaker oil price helps boost Stoxx

21st Sep 2026 11:26

(Sharecast News) - European shares extended gains and oil prices fell on Monday on reports that more oil was being transported through the Gulf than previously thought, sending bond yields lower after sharp increases last week.

The pan-regional Stoxx 600 index was up 1% to 642 at 1105 GMT with all major bourses higher. Germany's DAX gained 1.12% despite a disastrous showing for Chancellor Friedrich Merz's CDU in two local elections where the extremist AfD party made further gains.

Brent crude was down 3% to $100 a barrel while West Texas Intermediate declined by the same amount to $97.15

Prices fell as Saudi Arabia increased exports through the Strait of Hormuz following disruptions to its East-West pipeline due to attacks by Iran-backed Houthi rebels last week.

Analysts at JP Morgan said total oil flows ​averaged 17.1m barrels per day (bpd) in the past 10 days, just 6.1m bpd below the 2025 average.

"The most notable pivot has come from Saudi Arabia," they added, as satellite data indicated Saudi oil moving through the strait of Hormuz averaged 2.9m bpd over the past six days, up from just 700,000 bpd in August.

In equity news, shares in Novo Nordisk fell sharply after the company's set out new long-term goals in a turnaround planned to compete with rivals in the weight loss market.

The Danish pharma giant said it aimed to launch more than five drugs with "multi-blockbuster" potential by 2030 and generate more than 150 billion Danish kroner in risk-adjusted pipeline sales by 2035, including current assets.

Lotus Bakeries jumped after Jefferies initiated coverage of the stock at 'buy'.

Nordnet gained as the digital bank and online brokerage platform announced a buyback programme, while biotech firm Ipsen fell 6%.

Reporting by Frank Prenesti for Sharecast.com