Global stocks post gains as oil price improves

SEOUL, Korea, Republic Of - Global stocks mostly posted strong gains on Thursday as a rebound in the price of oil and solid U.S.

See Full Article

manufacturing data boosted investor sentiment.

KEEPING SCORE: In early European trading, Germany's DAX was up 0.3 per cent to 9,402.55. France's CAC 40 traded 0.2 per cent higher at 4,240.42. But Britain's FTSE 100 lost 0.6 per cent to 5,995.82. Futures augured a tepid start for U.S. stocks. Dow and S&P futures were both little changed.

IRAN RELIEF: Iran's oil minister said the country supports "any measure" to boost oil prices and voiced its support for a plan to stabilize and boost prices laid out earlier this week by four influential oil producers. Saudi Arabia, Qatar, Russia and Venezuela reached the agreement in Doha to cap their crude output if others do the same. Markets have been rattled the months-long slump in oil prices, which has hammered the share prices of energy companies and spilled over into worries about losses for banks.

ANALYST'S TAKE: "Initial disappointment on the tentative 'freeze' agreement between Saudi Arabia and Russia was reversed after Iran voiced support for the agreement, raising hopes of further steps between major oil producers to stabilize the market," said Mizuho Bank in a daily commentary.

ASIA'S DAY: Asian stock markets started with a broad rally but gains narrowed. Japan's Nikkei 225 jumped 2.3 per cent to 16,196.80 and South Korea's Kospi rose 1.3 per cent to 1,908.84. Hong Kong's Hang Seng surged 2.3 per cent to 19,363.08. Australia's S&P/ASX 200 gained 2.3 per cent to 4,992.00. Stocks in mainland China finished slightly lower while markets in Taiwan and Southeast Asian were higher.

U.S. DATA: The Federal Reserve said U.S. factories cranked out more autos, furniture and food last month, boosting production by the most since July. Manufacturing output rose 0.5 per cent in January, after falling in four of the previous five months. Overall industrial production, which includes mining and utilities, added 0.9 per cent, the biggest jump in 14 months.

ENERGY: Benchmark U.S. oil added 69 cents to $31.35 per barrel in electronic trading on the New York Mercantile Exchange. On Wednesday, the contract jumped $1.62, or 5.6 per cent, to close at $30.66 a barrel. Brent crude, a benchmark for international oils, rose 41 cents to $34.91 in London after jumping 7.2 per cent the previous day.

CURRENCIES: The dollar slipped to 113.86 yen from 114.14 yen. The euro rose to $1.1138 from $1.1124.


Latest Economic News

  • New Wells Fargo CEO to employees: 'We're sorry'

    Economic CTV News
    NEW YORK -- Newly appointed Wells Fargo CEO Tim Sloan told employees Tuesday that he is "sorry for the pain" that the bank's employees have suffered as a result of the company's sales practices scandal. Source
  • Canadian malls need to diversify to become destinations for shoppers, say experts

    Economic CTV News
    MONTREAL -- The rise of online shopping is forcing Canadian malls to diversify and become destinations that offer a range of services including entertainment and sporting venues in addition to traditional clothing stores, a Montreal real estate conference heard Tuesday. Source
  • Quebec says it's on track for $2.2-billion surplus in current fiscal year

    Economic CTV News
    Quebec is projecting a higher than expected surplus of $2.2 billion in the current fiscal year and is also abolishing a health tax two years ahead of schedule. Information available over the summer led the government to call for a surplus of $1.8 billion for fiscal 2016-17, which ends next March 31, but Finance Minister Carlos Leitao said Tuesday that provincial revenues have increased more than expected. Source
  • Pipeline company asks protesters to leave North Dakota land

    Economic CTV News
    CANNON BALL, N.D. - The developer of the Dakota Access oil pipeline said Tuesday that the dozens of protesters who have camped on company-owned land since the weekend are trespassing and that "lawless behaviour will not be tolerated. Source
  • Red ink will rule, but optimism in the oilpatch as earnings released

    Economic CBC News
    Precision Drilling announced some full-on good news last week with its third-quarter earnings. Although the company lost $47 million in the third quarter and revenue was down by nearly a half, it also said that it had rehired 1,000 workers. Source
  • CN Rail slightly raises outlook for 2016 despite dip in Q3 profits, revenues

    Economic CTV News
    MONTREAL -- Canadian National Railway Co. boosted its earnings forecast for 2016 despite seeing its profits and revenues decline in the third quarter. The Montreal-based railway raised it outlook for the year, saying it expects adjusted earnings will increase by about one per cent above the $4.44 per share earned last year. Source
  • CN Rail recalls workers to prepare for the smooth handling of bumper grain crop

    Economic CTV News
    MONTREAL -- Canadian National Railway Co. says it has recalled laid-off employees to handle the start of what is expected to be bumper grain crops in Canada and the United States. "We're handling and ready to handle more of the crop that has been produced," chief operating officer Mike Cory said Tuesday after the Montreal-based carrier reported third-quarter results. Source
  • Former Expos owner, Seagram's titan Charles Bronfman reflects on life as a 'late bloomer'

    Economic CTV News
    He steered Seagram's Co. Ltd. to great success and brought the Montreal Expos to Canada, but Canadian billionaire Charles Bronfman insists he was a "late bloomer," after years of struggling with low self-esteem in his early life. Source
  • iPhone 7 sales, holiday outlook in focus as Apple reports after the bell Tuesday

    Economic CBC News
    Apple Inc. will report fourth-quarter and full-year earnings after the close of trading Tuesday, with analysts expecting the tech giant to report a third straight quarterly revenue drop and its first drop in annual revenue in 15 years. Source
  • Apple iPhone sales drop for 3rd-straight quarter, but still top expectations

    Economic CBC News
    Apple Inc. will report fourth-quarter and full-year earnings after the close of trading Tuesday, with analysts expecting the tech giant to report a third straight quarterly revenue drop and its first drop in annual revenue in 15 years. Source