Europe Stocks Lifted by Firmer Oil Price
September 28 2016 - 3:30AM
Dow Jones News
Stocks in Europe opened higher Wednesday, boosted by a strong
finish on Wall Street and a modest rebound in oil prices.
The Stoxx Europe 600 was up 0.7% in early trade as Brent crude
oil rose 0.4% to $46.69 a barrel. Oil had fallen in the previous
session after Saudi Arabia said it sees no chance of a production
cap at a meeting concluding later Wednesday in Algiers, but market
participants appeared to take heart in the prospect of a more
definitive plan to curb production at a meeting in November.
Europe's banking sector also showed signs of recovery following
a rough start to the week, with shares of Deutsche Bank up 2.2%.
The German lender is still down over 5.6% so far this week amid
concerns about its capital position.
Earlier, Japan's Nikkei Stock Average fell 1.3%, leading wider
Asian bourses lower. Investors were concerned about an earlier
decline in the price of oil and the impact of negative interest
rates on Japanese banks. Hong Kong's Hang Seng fell 0.4%, while
shares in Australia were little changed.
In currencies, the dollar inched slightly higher against most
major currencies including the yen and euro ahead of speeches from
European Central Bank President Mario Draghi and Federal Reserve
Chairwoman Janet Yellen later Wednesday.
Write to Riva Gold at riva.gold@wsj.com
(END) Dow Jones Newswires
September 28, 2016 04:15 ET (08:15 GMT)
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