TOKYO – Global stocks logged solid gains Wednesday, cheered by a rally on Wall Street, despite a lapses in oil prices from recent advances that had reassured global investors.
KEEPING SCORE: France’s CAC 40 rose 2.0 per cent to 4,434.51 in early trading, while Germany’s DAX also added 2.0 per cent to 9,952.27. Britain’s FTSE 100 rose 1.2 per cent to 6,317.74. Dow futures edged up 0.4 per cent to 17,708, and S&P 500 futures also rose 0.4 per cent to 2,064.60.
THE QUOTE: “The bulls are firmly back in control of sentiment at present, but the risk of a reversal remains a threat,” Chris Weston of IG said in a commentary. “Expect Europe to feed off the strong Asian session, and while S&P futures have pushed up modestly, our Europe market calls have warmed in appreciation.”
OIL FACTOR: Russian officials told Interfax, the Russian news agency, that they planned to reach a deal with Saudi Arabia to cut oil production, raising hopes that the recent gains in oil prices will not abate. OPEC ministers meet this Sunday in Doha, Qatar.
ASIA’S DAY: Japan’s benchmark Nikkei 225 added 2.8 per cent to finish at 16,381.22. Hong Kong’s Hang Seng gained 3.2 per cent to 21,158.71, while the Shanghai Composite index climbed 1.4 per cent at 3,066.64. Other regional benchmarks were higher nearly across the board, including Australia’s S&P/ASX 200, which rose 1.5 per cent to 5,127.20. South Korea’s markets were closed for an election holiday.
ENERGY: Benchmark U.S. crude oil fell 80 cents to $41.37 a barrel in New York. It surged $1.81 to $42.17 on Tuesday. Brent crude, the international standard, fell 52 cents to $44.17. It rose $1.86 on Tuesday.
CURRENCIES: The euro fell to $ 1.1339 from $1.1422 late Tuesday while the dollar rose to 109.17 yen from 108.31 yen.
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