Overseas Trading: Oil, Greek Debt Deal Lift Stocks in Europe

Global stocks are mostly higher, thanks to a rally on Wall Street, rising oil prices, and a new Greek debt deal

May 25, 2016 at 8:43 AM

Stocks in Asia finished mostly higher, tracking significant gains on Wall Street. Oil prices also climbed during the session, boosted by data from the American Petroleum Institute, which indicated that U.S. crude oil stockpiles declined for the week. Japan's Nikkei added 1.6% as the yen pulled back slightly against the U.S. dollar. South Korea's Kospi climbed 1.2%, and Hong Kong's Hang Seng led the pack with a 2.7% gain -- its biggest daily win in more than a month.

Meanwhile, China's Shanghai Composite bucked the trend, shedding 0.2% after the People's Bank of China weakened the yuan to a five-year low against the dollar. Historically, a weakening of currency by the central bank has signaled concerns over the economy.

European markets are higher at midday, as a new debt-relief agreement for Greece bolstered bank stocks. The German DAX is up 1.3% after the Ifo Business climate index showed an uptick in business sentiment in May. London's FTSE 100 has added 0.6%, despite an earnings-related swoon among retailer, and France's CAC 40 is ahead 1%.

overseas stocks may 25

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