European shares hold steady, airlines climb as oil price slides

lunes 13 de octubre de 2014 11:00 GYT

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By Blaise Robinson

PARIS, Oct 13 (Reuters) - European stocks held steady on Monday, breaking their three-week slide as shares in airlines rebounded on cheaper oil prices that lower their operating costs.

Shares in German lender Commerzbank rose 2.3 percent after sources told Reuters preliminary talks with the European Central Bank have given the bank no reason to believe its capital will fall below stress test requirements.

Air France-KLM gained 1.9 percent and Lufthansa climbed 1.6 percent as Brent crude sank below $88 a barrel, its lowest level in almost four years, after major Middle East producers signalled they would keep output high even if that meant lower prices.

Jet fuel, derived from crude, accounts for around a third of airline operating costs, so the recent oil price drop - Brent is down nearly 25 percent since mid-June - should be a boon for the sector's earnings.   Continuación...