Global Stocks Boosted By Energy Shares
07 Oktober 2015 - 11:00AM
Dow Jones News
Global stocks were mostly higher Wednesday as gains in oil
prices boosted energy shares.
The Stoxx Europe 600 rose 0.3% in early trade, with shares in
energy companies rising 1.5%.
Brent crude was up almost 1% at $52.95 a barrel. It had jumped
more than 5% overnight to a one-month high on expectations of
production cuts in the U.S. and global markets.
Germany's DAX climbed 0.4%, while France's CAC 40 was up 0.1%.
Gains were somewhat limited after German industrial output came in
below expectations in August, a day after data showed manufacturing
orders in Europe's largest economy slumped.
The FTSE 100 rose 0.2%. In corporate news, Tesco PLC, Britain's
largest retailer, swung to an interim net loss as it incurred costs
related to the sale of its Korean business. Shares in Tesco were
down 2.0%.
Stocks in Asia were mostly higher as the rise in oil prices
supported energy stocks. Japan's benchmark Nikkei Stock Average
gained 0.8%, recovering after stocks were pressured on news the
Bank of Japan had decided to keep its policy unchanged. Many
analysts still expect further easing measures at the BOJ's next
meeting at the end of the month.
The Hang Seng Index was up 2.3%. Shares in Hong Kong also gained
after Chinese authorities reported that foreign-exchange reserves
fell by a slower pace in September.
"With today's FX reserves above expectations, it adds to the
building momentum that perhaps China is not going to implode
anytime soon," said Chris Weston, chief market strategist at IG.
China's domestic markets will reopen from a week-long holiday on
Thursday.
Futures pointed to 0.4% opening gains for Dow Jones Industrial
Average and the S&P 500. Changes in futures aren't necessarily
reflected in market moves after the opening bell.
A rally in U.S. stocks lost momentum Tuesday as a selloff in
health-care shares prompted the S&P 500 to snap its five-day
winning streak. Global stocks had rallied earlier in the weak after
a disappointing U.S. jobs report pushed back investors'
expectations for the Federal Reserve to raise interest rates.
Ultralow interest rates have boosted global stocks in recent
years.
The next major catalyst for Wall Street is expected to be the
start of the third-quarter corporate earnings season as companies
grapple with a stronger U.S. dollar and weakness overseas.
In currencies, the euro was down 0.3% against the dollar at
$1.1228. The dollar was 0.2% lower against the yen at Y119.9830.
The greenback had weakened against the Japanese currency in Asian
trade after the BOJ left its policy intact.
Write to Riva Gold at riva.gold@wsj.com
Subscribe to WSJ: http://online.wsj.com?mod=djnwires
(END) Dow Jones Newswires
October 07, 2015 04:45 ET (08:45 GMT)
Copyright (c) 2015 Dow Jones & Company, Inc.
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