Precise Investors

Stocks & Shares

FTSE 100, European stocks mostly higher as oil rebounds

oil rebounds

The FTSE 100 was 1.03% higher at 7,452, the CAC advanced 0.35% to finish at 6,657 points and the DAX gained 0.29% to 14,422

The FTSE 100 and European stocks were mostly higher this Tuesday, with the UK’s benchmark hitting a two-month high, as oil stocks bounced back.

On Wall Street, stocks rose as traders looked past more China COVID lockdowns and instead focused on a host of strong earnings reports.

The Dow Jones climbed 0.80% to 33,968. The S&P 500 gained 0.72% to 3,949 points and the tech-heavy Nasdaq rose 0.49% to 11,079.

At the close, the FTSE 100 was 1.03% higher at 7,452, while the CAC in Paris advanced 0.35% to finish at 6,657 points. In Germany, the DAX gained 0.29% to 14,422.

The commodities-heavy FTSE 100 traded at its strongest level since September 13.

FTSE-listed AO World surged 16%, as the online electrical retailer forecast top-end full-year earnings despite reporting increased half year losses of £12m compared to £4m.

Founder and chief executive John Roberts said the firm’s turnaround plan to strip out costs was paying off.

Meanwhile, Brent crude bounced back to $89 a barrel after Saudi Arabia denied a report in the Wall Street Journal that oil producers were discussing a production increase for their next meeting, saying a cut approved last month would stay in place until the end of 2023.

Saudi Arabia’s denial of the output increase contributed to a 12% round-trip in front-month Brent prices over the past 24 hours, Stephen Innes, managing partner at SPI Asset Management, said.

He said: It is possible that the suggestions to expand Opec+ production were floated to gauge the price reaction. The initial negative follow-through implies that demand concerns warrant a relatively modest increase in output if Opec+ is looking to stabilise prices once the EU embargo kicks in.

Disclaimer: The opinions expressed by our writers are their own and do not represent the views of Precise Investors. The information provided on Precise Investors is intended for informational purposes only. Precise Investors is not liable for any financial losses incurred. Conduct your own research by contacting financial experts before making any investment decisions.

Leave a Reply