Overseas Trading: Asia Stocks Rally on Hopes of Oil Production Freeze

Stocks in Asia and Europe got a lift after prominent oil exporters announced plans to freeze crude output

Feb 16, 2016 at 8:45 AM
facebook X logo linkedin

Stocks in Asia enjoyed a second straight day of gains on Tuesday, as hope for a cutback in oil production lifted trader sentiment. Specifically, Saudi Arabia, Venezuela, Qatar, and Russia's energy ministers held a meeting on Tuesday, subsequently announcing their plans to freeze crude oil output at January levels, if other oil producers follow suit. Energy stocks throughout the region surged as a result.

In China, the Shanghai Composite roared 3.3% higher as financial stocks recovered amid news that loans data for January topped expectations by a large margin. Meanwhile, the yuan cooled after reaching a year-to-date high against the dollar on Monday. Elsewhere, Hong Kong's Hang Seng settled 1.1% higher, while South Korea's Kospi closed with a 1.4% lead. Japan's Nikkei edged up 0.2% after adding over 7% on Monday. 

News of the oil production freeze is lifting some European stocks as well, though Brent crude has given back some gains following its early 6% pop. Also boosting investor sentiment is anticipation of further stimulus from the European Central Bank (ECB), after the central bank's President Mario Draghi on Monday said it's "ready to do its part" to prop up the eurozone. At last check, London's FTSE 100 was up 0.3% and France's CAC 40 was sporting a slim 0.03% lead. However, Germany's DAX was off 0.8% after a key reading on economic sentiment slid in February. 


Sign up now for Schaeffer's Market Recap to get all the day's big stock movers, must-know technical  levels, and top economic stories straight to your inbox.


Target Effortless Triple-Digit Gains Every Sunday Evening For Life!

This is your chance to triple your profit potential on Sunday evenings, without spending all your free time watching the market.

On Sundays, as a Weekend Plus subscriber, you’ll get up to 6 trades every Sunday, each targeting gains of 200% or more.

Start targeting gains like the ones our subscribers have seen recently, including:

213.3% GAIN on AutoNation calls
100.0% GAIN on Monster Beverage calls
100.4% GAIN on Walgreens Boots Alliance puts
100.4% GAIN on ON Semiconductor calls
257.7% GAIN on Dell calls

101.0% GAIN on Apollo Global Management calls
103.6% GAIN on JP Morgan  Chase calls
105.3% GAIN on DraftKings calls
101.3% GAIN on Airbnb calls
203.0% GAIN on Shopify calls
102.0% GAIN on Cboe Global Markets calls
100.9% GAIN on Boeing calls
102.1% GAIN on Microsoft puts
102.3% GAIN on First Solar calls
101.5% GAIN on PulteGroup calls
101.0% GAIN on Apple calls
209.4% GAIN on NXP Semiconductors calls
100.8% GAIN on Uber Technologies calls
100.4% GAIN on Academy Sports and Outdoors puts
102.2% GAIN on Trade Desk calls
100.8% GAIN on DoorDash calls
100.0% GAIN on Camping World Holdings puts
100.0% GAIN on Cboe Global Markets calls
100.2% GAIN on C3.ai calls
238.5% GAIN on Oracle calls



Rainmaker Ads CGI