Overseas Trading: Crude Oil Boosts Global Stocks

Crude oil topped $50 per barrel for the first time since November, boosting energy stocks in Asia and Europe

May 26, 2016 at 8:40 AM

Asian stocks headed north with oil prices, as July-dated crude oil topped $50 per barrel for the first time since November. Japan's Nikkei pared its gains to finish just 0.1% ahead, as a stronger yen weighed on exporters, and the Reuters Tankan survey showed manufacturers' confidence fall to a three-year low.

Elsewhere, China's Shanghai Composite began the session on a low note after Wednesday's central bank move to depreciate the yuan. But the index managed to end the day up 0.3% on strength in the energy sector. Hong Kong's Hang Send echoed the trend, adding 0.1%, while South Korea's Kospi lagged, closing 0.2% lower.

Stocks in Europe are sitting higher, as gains in oil continue to boost energy firms, overshadowing weakness in banking stocks. At last check, London's FTSE 100 has added 0.1%, while France's CAC 40 is up 0.6%, and the German DAX is 0.7% higher.

overseas stocks may 26

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