Stocks advance on strong earnings, oil steady after OPEC+
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Stocks advance on strong earnings, oil steady after OPEC+
Global stock markets largely rose Wednesday, driven by strong quarterly earnings, but investors are now turning their attention central bank monetary policy in the eurozone and Britain later this week.
All of the major European indices were in positive territory by mid-afternoon, taking their lead from a strong showing in Asia earlier, and Wall Street also opened modestly higher.
In Europe, London's FTSE was showing a gain of 0.7 percent, Frankfurt's DAX was up by 0.1 percent and Paris's CAC 40 added 0.5 percent.
"European (stocks) markets continue their February ascent, attempting to build on recent bullish momentum after January's rout," said Victoria Scholar, head of investment at Interactive Investor.
Oil prices held steady after the OPEC+ oil cartel stuck to its guns and increased output only modestly despite the price of crude soaring to multi-year highs recently.
"The news was hardly surprising, as the group has rigidly followed this approach since it was first agreed upon, even in December when oil prices plunged following the emergence of Omicron," said Edward Gardner, commodities expert at Capital Economics.
"Prices have more than recovered since December and are little changed on today's news."
Traders are now turning their attention to monetary policy matters, with both the European Central Bank and the Bank of England holding their regular meetings on Thursday.
And while the guardian of the euro is widely expected to hold borrowing costs unchanged, analysts are predicting that the UK central bank will tighten policy for the second meeting in a row in a bid to rein in soaring inflation.
- Off the boil -
In Asia earlier, investors had appeared to be less worried about the US Federal Reserve's plans to tighten monetary policy and strong corporate results had lifted optimism about the outlook.
And while there remains plenty of volatility and uncertainty on trading floors owing to geopolitical tensions and the Omicron spread, analysts remain upbeat for the year.
While some Asian markets were closed due the Lunar New Year break, those that opened -- Tokyo, Sydney, Wellington, Jakarta and Manila -- all gained more than one percent.
After a difficult January, world stock markets have enjoyed a strong start to February as investors hunt for bargains, according to analysts.
As well as the ECB and BoE meetings, traders are waiting for the publication of US jobs data for the latest snapshot of the health of the world's biggest economy.
The dollar has come off the boil against main rivals after recent strong gains on expectations of aggressive Fed interest-rate hikes to combat soaring inflation.
- Key figures around 1445 GMT -
New York - Dow: UP 0.02 percent at 35,411.95 points
London - FTSE 100: UP 0.7 percent at 7,585.92
Frankfurt - DAX: UP 0.1 percent at 15,632.80
Paris - CAC 40: UP 0.5 percent at 7,134.86
EURO STOXX 50: UP 0.3 percent at 4,234.89
Tokyo - Nikkei 225: UP 1.7 percent at 27,533.60 (close)
Hong Kong - Hang Seng Index: Closed for a holiday
Shanghai - Composite: Closed for a holiday
Euro/dollar: UP at $1.1309 from $1.1269 late Tuesday
Pound/dollar: UP at $1.3565 from $1.3519
Euro/pound: UP at 83.35 pence from 83.33 pence
Dollar/yen: DOWN at 114.22 yen from 114.67 yen
Brent North Sea crude: UP 0.1 percent at $89.21 per barrel
West Texas Intermediate: DOWN 0.1 percent at $88.08 per barrel
burs-spm/lth
R.Cornelis--JdB