European markets were mixed and raw materials were supplied

European markets traded mixed. Oil markets were in the spotlight after a surprise pullback in output from the OPEC+ alliance, which includes OPEC members like Saudi Arabia rather than large non-OPEC producers like Russia.

The pan-European Stoxx 600 index rose 0.22%, with sectors and major stocks spreading some gains.

Oil and gas stocks advanced 3.52%, while travel and leisure fell 0.9%. Bank shares rose 1.6%, although UBS fell 2% on news of job cuts.

US Brent and West Texas Intermediate crude futures rose 8.2% after OPEC+ agreed to cut more than 1 million barrels a day through the end of 2023.

Oil companies led the Stoxx 600 Index in early trading after OPEC+ unexpectedly started cutting oil supplies.

Scotland-based Harbor Energy rose 6.9%, the biggest gain on the day, while Portugal’s Galp Energia saw a 5.22% rise. The companies with the biggest gains were based in oil and gas, including energy majors BP and Shell, which advanced 4%.

At the end of the week in the United States, Nasdaq 100 futures fell as Wall Street focused on the start of the second quarter.

UBS shares fell 2.3% in early trading after reports that the bank may initiate major job cuts with the acquisition of Credit Suisse.

At risk about 30,000 jobs

Following Credit Suisse’s approval, the Swiss banking giant will buy out its rival.

Cineworld shares fell 19.5% after the British cinema operator said it would no longer sell its US and European-based businesses.

Cineworld was unable to find a buyer for the group because much of the business was under bankruptcy protection in the fall.

The company proposed a restructuring agreement with creditors to reduce debt by around $4.52 billion.