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