LIVE MARKETS-Stocks tick higher as oil provides lift, retailers drag
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STOCKS TICK HIGHER AS OIL PROVIDES LIFT, RETAILERS DRAG
Europe's STOXX 600 .STOXX is up 0.5% so far, as oil and gas stocks lead gains thanks to crude prices hitting a two-week high, while retailers falter.
A basket of oil stocks .SXEP is up 0.7% while retailers .SXRP are down 0.6%.
Topping the index is UK insurer Phoenix Group .PHNX.L, up 6.3% after full-year results showed robust annual profit.
On the flipside, UK defence tech company Qinetiq QQ.L is down 20.7% after saying in a trading update it will take a 140-million pound goodwill charge on its U.S. business at year-end.
Stocks in UK supermarkets are down, with Tesco TSCO.L off over 3% and Sainsbury down 1.7%.
In a morning note, Citi analysts flagged the potential impact of Friday's news of UK supermarket Asda's turnaround plans on the two names. Tesco and Sainsbury shares ended Friday down 8.7% and 7.8%, respectively after Asda issued a profit warning earlier that day.
Hopes for China stimulus are heightened after news over the weekend that authorities are looking to boost consumption amid a consumer squeeze.
Traders are also looking ahead to a flurry of central bank decisions, with the Bank of Japan, Bank of England and Federal Reserve all meeting this week.
(Lucy Raitano)
EUROPE, CHINA SHINE AS US EXCEPTIONALISM FADES CLICK HERE
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