TSCO Tesco Plc

Global stocks were mostly higher Wednesday as gains in oil prices boosted energy shares.

The Stoxx Europe 600 rose 0.3% in early trade, with shares in energy companies rising 1.5%.

Brent crude was up almost 1% at $52.95 a barrel. It had jumped more than 5% overnight to a one-month high on expectations of production cuts in the U.S. and global markets.

Germany's DAX climbed 0.4%, while France's CAC 40 was up 0.1%. Gains were somewhat limited after German industrial output came in below expectations in August, a day after data showed manufacturing orders in Europe's largest economy slumped.

The FTSE 100 rose 0.2%. In corporate news, Tesco PLC, Britain's largest retailer, swung to an interim net loss as it incurred costs related to the sale of its Korean business. Shares in Tesco were down 2.0%.

Stocks in Asia were mostly higher as the rise in oil prices supported energy stocks. Japan's benchmark Nikkei Stock Average gained 0.8%, recovering after stocks were pressured on news the Bank of Japan had decided to keep its policy unchanged. Many analysts still expect further easing measures at the BOJ's next meeting at the end of the month.

The Hang Seng Index was up 2.3%. Shares in Hong Kong also gained after Chinese authorities reported that foreign-exchange reserves fell by a slower pace in September.

"With today's FX reserves above expectations, it adds to the building momentum that perhaps China is not going to implode anytime soon," said Chris Weston, chief market strategist at IG. China's domestic markets will reopen from a week-long holiday on Thursday.

Futures pointed to 0.4% opening gains for Dow Jones Industrial Average and the S&P 500. Changes in futures aren't necessarily reflected in market moves after the opening bell.

A rally in U.S. stocks lost momentum Tuesday as a selloff in health-care shares prompted the S&P 500 to snap its five-day winning streak. Global stocks had rallied earlier in the weak after a disappointing U.S. jobs report pushed back investors' expectations for the Federal Reserve to raise interest rates. Ultralow interest rates have boosted global stocks in recent years.

The next major catalyst for Wall Street is expected to be the start of the third-quarter corporate earnings season as companies grapple with a stronger U.S. dollar and weakness overseas.

In currencies, the euro was down 0.3% against the dollar at $1.1228. The dollar was 0.2% lower against the yen at Y119.9830. The greenback had weakened against the Japanese currency in Asian trade after the BOJ left its policy intact.

Write to Riva Gold at riva.gold@wsj.com

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(END) Dow Jones Newswires

October 07, 2015 04:45 ET (08:45 GMT)

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