Overseas Trading: Europe Tracks Oil, Shanghai Pops

Organization of the Petroleum Exporting Countries (OPEC) President Mohammed al-Sada is meeting with energy ministers from Iran, Iraq, and Venezuela today, according to reports

by Karee Venema

Published on Feb 17, 2016 at 8:41 AM
Updated on Jun 24, 2020 at 10:16 AM

Asian markets closed mostly lower today, as optimism over a proposed global crude production cut fizzled. In Japan, the Nikkei gave back 1.4% amid a strengthening yen and plummeting energy and mining stocks, while Hong Kong's Hang Seng surrendered 1%. South Korea's Kospi, meanwhile, shed 0.2%, despite speculation the Bank of Korea could be on the cusp of lowering its key interest rate. Elsewhere, China's Shanghai Composite bucked the regional bearish bias -- adding 1.1% to settle at its highest perch in three weeks -- as regulators vowed to bolster growth.

European benchmarks are comfortably in the green at midday, rising in step with crude futures. According to The Wall Street Journal, the Organization of the Petroleum Exporting Countries (OPEC) President Mohammed al-Sada will be meeting with energy ministers from Iran, Iraq, and Venezuela today, to discuss a potential cap on crude production. A well-received earnings report from lender Credit Agricole is also helping to boost sentiment. Against this backdrop, the French CAC 40 is 2.2% higher, the German DAX is up 2%, and London's FTSE 100 has tacked on 1.7% following a flat fourth-quarter unemployment reading.

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