Overseas Trading: Global Stocks Climb With Crude Futures

Stocks in Asia and Europe are rising alongside crude futures

by Karee Venema

Published on Feb 22, 2016 at 8:37 AM
Updated on Jun 24, 2020 at 10:16 AM

Bouncing oil prices helped Asian benchmarks brush off Friday's bearish session on Wall Street. In China, the Shanghai Composite jumped 2.4%, following reports that Liu Shiyu will replace Xiao Gang as chairman of the China Securities Regulatory Commission, while Hong Kong's Hang Seng tacked on 0.9%. Japan's Nikkei also added 0.9% despite a steady yen, and South Korea's Kospi ended fractionally higher.

European markets are enjoying solid leads at midday, as Brent crude futures gain 4.8% at last check. Oil's bounce is overshadowing a relatively weak round of disappointing purchasing managers index (PMI) data, with manufacturing activity in the eurozone declining last month. At last check, the German DAX is up 1.7%, while the French CAC 40 is 1.6% higher. Elsewhere, London's FTSE 100 has popped 1.3%, as traders digest the latest "Brexit" news. Specifically, the British pound has plunged to levels not seen since 2009, after London's mayor, Boris Johnson, threw his support behind the country's withdrawal from the European Union (EU) -- putting him at odds with Prime Minister David Cameron.

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