Overseas Trading: Oil Bounce Boosts Global Stocks

A rebound in crude oil prices is bolstering stocks globally, with Japan's Nikkei setting the pace on a weaker yen

by Alex Eppstein

Published on Apr 19, 2016 at 8:39 AM
Updated on Jun 24, 2020 at 10:16 AM

After a brutal start to the week, stocks in Asia bounced back as oil prices stabilized on the back of an oil-worker strike in Kuwait, after selling off Monday as crude exporters failed to reach an output freeze agreement. Japan's Nikkei led the way higher, gaining 3.7% on a weaker yen -- its biggest single-day percentage gain since Feb. 2. Also, Japanese Finance Minister Taro Aso stoked the bullish flames, expressing a willingness to "take various measures if there are what we see as sharp rises or sharp falls in the yen."

Elsewhere, an oil-induced rally among energy stocks helped drive other Asian markets higher, including China's Shanghai Composite and Hong Kong's Hang Seng, which rose 0.3% and 1.3%, respectively. Rounding things out, South Korea's Kospi edged 0.1% higher, after the central bank left the base interest rate unchanged.

European stocks are also getting a lift amid the rebound in crude futures, led by strength in mining stocks. France's CAC 40 was last seen 1.1% higher, as Danone and L'Oreal charge higher on well-received earnings reports. Meanwhile, Germany's DAX has soared 2.4% after the April ZEW survey showed a big upswing in investor sentiment, and London's FTSE 100 has picked up 0.3%.

overseas stocks April 19

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