Higher oil prices lift European, US stocks

AFP, NEW YORK:  Stock markets rebounded in Europe and on Wall Street Friday behind higher oil prices, although worries about the upcoming earnings period cut into the gains in the United States. London’s benchmark FTSE 100 index ended the day up 1.1 per cent, aided by rising oil prices, and despite poor official manufacturing and trade figures. In the eurozone, Frankfurt’s DAX 30 closed 1.0 per cent higher and the Paris CAC 40 climbed 1.4 per cent. And in Milan stocks rose four per cent, boosted by several Italian banking shares including Banco Popolare and Unicredit soaring around 10 per cent . The gains came as oil prices climbed more than six per cent  on hopes that an April 17 meeting of major producers will result in an agreement to limit output.
Sentiment was also lifted by comments from US Federal Reserve Chair Janet Yellen Thursday night that the US economy was on sound footing. Also boosting the market was a cooling of the Japanese yen, which has moved on to the radar of global investors as it soared to multi-month highs against other currencies. The Nikkei closed up 0.5 per cent as the dollar in afternoon trade rose to 108.77 yen from 108.31 yen in New York, where it briefly fell to 107.68 yen, a 17-month low. Near 2100 GMT, the dollar had fallen back to 108.10 yen. “There was a continued chirpiness to the global markets this morning,” said Spreadex analyst Connor Campbell.
But buying momentum slowed later in the global day, with US stocks flirting with negative territory before the S&P closed up 0.3 per cent . The pullback was likely “due to investors taking some money off the table before earnings season,” said Peter Cardillo, chief market economist at First Standards Financial. British mining shares were skybound, with Anglo American jumping 8.1 per cent, BHP Billiton 4.6 per cent  and Glencore
3.6 per cent. Petroleum shares rose, with BP advancing 3.3 per cent , France’s Total 3.7 per cent  and US midsized company Anadarko Petroleum 5.6 per cent . European banks were strong, with Barclays advancing 2.5 per cent, Societe Generale 2.7 per cent  and Germany’s Commerzbank 3.1 per cent . US teen-oriented clothing chain Gap slumped 13.8 per cent after reporting that comparable sales for March fell six per cent , including a 14 per cent  dive in its Banana Republic chain.
Uniqlo operator Fast Retailing’s shares nosedived nearly 13 per cent  in Tokyo after announcing net profit in the September-February period dropped about 55 per cent  from a year earlier to 47 billion yen ($440 million) on weaker sales in China, South Korea and the United States, as well as its home market Japan.

 

Higher oil prices lift European, US stocks

AFP, NEW YORK: Stock markets rebounded in Europe and on Wall Street Friday behind higher oil prices, although worries about the upcoming earnings period cut into the gains in the United States. Londons benchmark FTSE 100 index ended the day up 1.1 per cent, aided by rising oil prices, and despite poor official manufacturing and trade figures. In the eurozone, Frankfurts DAX 30 closed 1.0 per cent higher and the Paris CAC 40 climbed 1.4 per cent. And in Milan stocks rose four per cent, boosted by several Italian banking shares including Banco Popolare and Unicredit soaring around 10 per cent . The gains came as oil prices climbed more than six per cent on hopes that an April 17 meeting of major producers will result in an agreement to limit output. Sentiment was also lifted by comments from US Federal Reserve Chair Janet Yellen Thursday night that the US economy was on sound footing. Also boosting the market was a cooling of the Japanese yen, which has moved on to the radar of global investors as it soared to multi-month highs against other currencies. The Nikkei closed up 0.5 per cent as the dollar in afternoon trade rose to 108.77 yen from 108.31 yen in New York, where it briefly fell to 107.68 yen, a 17-month low. Near 2100 GMT, the dollar had fallen back to 108.10 yen. There was a continued chirpiness to the global markets this morning, said Spreadex analyst Connor Campbell. But buying momentum slowed later in the global day, with US stocks flirting with negative territory before the SP closed up 0.3 per cent . The pullback was likely due to investors taking some money off the table before earnings season, said Peter Cardillo, chief market economist at First Standards Financial. British mining shares were skybound, with Anglo American jumping 8.1 per cent, BHP Billiton 4.6 per cent and Glencore 3.6 per cent. Petroleum shares rose, with BP advancing 3.3 per cent , Frances Total 3.7 per cent and US midsized company Anadarko Petroleum 5.6 per cent . European banks were strong, with Barclays advancing 2.5 per cent, Societe Generale 2.7 per cent and Germanys Commerzbank 3.1 per cent . US teen-oriented clothing chain Gap slumped 13.8 per cent after reporting that comparable sales for March fell six per cent , including a 14 per cent dive in its Banana Republic chain. Uniqlo operator Fast Retailings shares nosedived nearly 13 per cent in Tokyo after announcing net profit in the September-February period dropped about 55 per cent from a year earlier to 47 billion yen ($440 million) on weaker sales in China, South Korea and the United States, as well as its home market Japan.