Market Overview

Asian, European Stocks Mostly Higher As Investors Follow Oil's Move


Asian stocks were mostly higher on Tuesday as the price of oil continued to tick higher and the yen slightly dipped lower as a weaker yen is considered a positive for the country's exporters.

Hong Kong's Hang Seng index gained 1.18 percent, Japan's Nikkei index gained 1.13 percent, Taiwan's TSEC index gained 0.90 percent, Australia's ASX index gained 0.70 percent and India's Mumbai Sensex index gained 0.47 percent.

China's Shanghai index lost 0.25 percent.

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"Markets seem to be in a relatively sweet spot with a steadily stronger U.S. dollar and resilient commodities prices," CNBC quoted Angus Nicholson, a market analyst at spreadbettor IG, as saying in a research note on Tuesday. "Many investors have been predicting a pullback in markets, but despite all the negativity, markets have continued to grind higher."

With four hours remaining, European stocks appear to be on track for another positive day.

The International Monetary Fund suggested that Eurozone countries allow Greece to skip paying interest on its bailout loans until 2040.

England's FTSE index was an outperformer, trading higher by 0.52 percent. France's CAC index was higher by 0.13 percent and Germany's DAX index added 0.10 percent.

Jasper Lawler, of CMC Markets was quoted by The Telegraph as saying, "European markets were broadly positive on Tuesday, tracking high oil prices and a strong finish on Wall Street as German markets reopened following the Whit Monday holiday.

"Well-received corporate results and the price of oil near seven-month highs helped the FTSE 100 gain just shy of 1% by mid-morning. Telecom and housing stocks were top performers on the UK benchmark after Vodafone, Taylor Wimpey and Land Securities exceeded earnings expectations."

Meanwhile, oil prices reversed early morning gains and was trading mixed ahead of the U.S. market session. The price of Brent crude was lower by 0.1 percent at $48.88 a barrel, while WTI crude was higher by 0.1 percent at $47.83 a barrel.

Posted-In: Asian Stocks European stocks GreeceNews Commodities Global Pre-Market Outlook Markets


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