Europe open: Shares edge towards record highs as oil comes into focus

(Sharecast News) - European shares were within touching distance of record highs on Thursday amid a flurry of corporate earnings, with oil in focus after prices jumped 3% in response to US sanctions on Russian producers Rosneft and Lukoil. The pan-regional Stoxx 600 was up 0.32% at 574.14 by 0816 BST, just below the record high of 575.74. Germany's DAX gained 0.15% while the UK's FTSE 100 rose 0.32%.

The US overnight imposed fresh sanctions on the two companies as it looked to ramp up pressure on Moscow to end its war in Ukraine. President Donald Trump said that while he continued to have "good conversations" with his Russia counterpart Vladimir Putin, "they don't go anywhere".

Oil prices jumped 3% to $64 a barrel on the news.

In equity news, Nokia jumped as the Finnish telecoms giant posted quarterly results revealing higher sales but lower profits.

Rentokil surged on the back of higher third quarter revenues.

Shares in Evolution Gaming plunged after the company missed quarterly profit estimates.

Reporting by Frank Prenesti for Sharecast.com