Global Markets: European stocks and oil gain

Global Markets: European stocks and oil gain

European stocks started a strong weekly session with support for buying energy and mining sector stocks in oil and metals, and the last five sessions moved up for the first time. The dollar gained strength against all of the currencies of the G-10 countries.

The Stoxx Europe 600 Index increased as the banks rallied. Crude Oil price moved its rise to the eighth day after expanding the longest rising series of this year, following the industry’s announcement on Friday that the number of active oil drilling wells in the US dropped for the first time in the last 24 weeks. Most of the industrial metals gained value after the manufacturing industry index, which the private sector in China explained, outperformed expectations.

Transaction volumes in many markets were lower on Tuesday before the US holiday, with investors expecting US non-farm payrolls to be released on Friday. Economic data could give traders more clues in the changing environment of faltering in central banks, which have been fluctuating in the markets last week.

In Japan, the ruling party has lost local elections in Tokyo, and that caused to increase the pressure on Prime Minister Shinzo Abe, who is trying to deal with a series of scandals and is told to change cabin. These results have been one of the most important political estates for Shinzo Abe ever since they came to relative in late 2012.

The Stoxx Europe 600 Index was up 0.7% with support for energy sector spending 1.5% and the mining sector 1.7% jump. Standard & Poor’s 500 (S & P 500) index futures contracts climbed 0.3 percent after the benchmark index rose 0.2 percent on Friday and showed its worst weekly performance since April.

The yen has recovered its gains to 0.4 percent against the dollar at the beginning of the session but fell 0.5 percent to 112.90 later.

The Bloomberg Dollar Spot Index rose 0.3 percent after falling 1 percent last week and seeing its lowest level since October. Against the US dollar, the pound rose for eight straight days, then dropped 0.4% to 1.2976 while the euro fell 0.5% against the dollar and retreated to 1.1374.

The US interest rates on 10-year treasuries raised 16 basis points last week, the fastest rate since March, and rose another point to 2.31 percent. The interest rate of UK 10-year treasury bonds increased by one base point to 1.27 percent. The interest rates of France and Germany declined by a couple of points.

Crude Oil rose 0.2 per cent to $ 46.96 per barrel. West Texas Oil (WTI) rose for eight days after falling to the bear market and gained more than 8 percent in the period in question. Gold price fell 0.6 percent to 1.234.37 dollars per ounce.

In Japan, Topix Index has risen with data showing confidence in manufacturers firms. Hong Kong’s Hang Seng Index and China’s Shanghai Composite Index rose 0.1%.

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Global Markets: European stocks and oil gain

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