European Renewables Face Short-Term Hit, Potential Buy Opportunity on Likely Trump Win -- Market Talk

Dow Jones
2024/11/06

0917 GMT - European renewable-energy utility sector is likely to take a short-term hit, though this could soon turn into a buying opportunity, Citi analyst Jenny Ping writes in a note. Renewable stocks, particularly those in offshore wind, could face more negative sentiment than onshore or solar, Ping says. Meanwhile, gas prices have held steady into the elections, but a Trump presidency could put pressure on prices, given its impact on the Russia-Ukraine situation. This could potentially affect commodity-driven utilities negatively, Citi says. Shares in Portugal's EDP Renovaveis are down 6.8% at 11.78 euros, while Austria's Verbund is trading 4% lower at 73 euros. Italy's Enel shares are down 0.2% at 6.99 euros. (christian.moess@wsj.com)

 

(END) Dow Jones Newswires

November 06, 2024 04:17 ET (09:17 GMT)

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