Overseas Trading: Global Stocks Track Choppy Crude

Global stocks were mixed today, as crude oil fluctuated

by Kirra Fedyszyn

Published on Feb 4, 2016 at 8:47 AM
Updated on Feb 4, 2016 at 8:49 AM

Stocks in Asia settled mostly higher, following Wednesday's late rally on Wall Street, as crude futures rebounded. China's Shanghai Composite added 1.6% for the day, while Hong Kong's Hang Seng climbed 1%, and South Korea's Kospi gained 1.4%. However, Japan's Nikkei ended 0.9% lower -- and has nearly erased all of last week's central bank-induced gains -- as the yen again strengthened against the dollar, weighing on exports.

European markets are also mixed as traders eye choppy price action in oil. London's FTSE 100 is up 0.8% so far, after the Bank of England voted to leave its key interest rate unchanged. Meanwhile, the European Commission lowered its forecast for 2016 growth in the eurozone to 1.7% from its previous 1.8% prediction, while European Central Bank President Mario Draghi reiterated his stance that the central bank will "not 'surrender' to low inflation." On the corporate front, financial firm Credit Suisse dropped to a 15-year low after posting its biggest quarterly loss in seven years. At last check, the German DAX is 0.1% lower, while France's CAC 40 is down 0.3%.


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