Global Stocks to Close Out Solid Month
November 30 2016 - 4:30AM
Dow Jones News
Global stocks mostly inched higher Wednesday despite anxiety
over commodity prices, on track to close out a solid month with
gains.
The Stoxx Europe 600 climbed 0.2% in the early minutes of
trading, while futures pointed to a 0.1% opening gain for the
S&P 500.
The moves followed a mixed session in Asia, as steep swings in
commodity prices offset a higher close on Wall Street.
Brent crude oil was last up 1.3% at $47.92 a barrel in choppy
trading as investors awaited news later Wednesday on the prospect
of a production cut by the Organization of the Petroleum Exporting
Countries. Iran's oil minister said Wednesday that he believed the
cartel would reach a production deal, but that an immediate freeze
of his country's output wasn't on the agenda.
Mining companies also fell sharply as metals prices continued to
retreat from a major rally. Three-month copper futures in London
fell 0.9% to $5,689 a ton, while aluminum futures also declined
following a selloff by Chinese investors.
Steel and iron-ore prices in China fell sharply on Wednesday
after exchanges there lowered the daily trading limit and raised
margin requirements in an effort to curb speculation. The recent
rally in metal prices was largely driven by Chinese investors on
hopes that demand would pick up in China and the U.S., analysts
said.
Meanwhile, U.K. bank shares were mixed in morning trading after
the Bank of England said that the outlook for financial stability
in the U.K. remained challenging but the financial system has held
up well since the U.K.'s June referendum. Shares of RBS fell 2.6%
and Standard Chartered fell 0.6%, while HSBC and Lloyds Banking
Group both advanced.
The dollar continued to rise and was last up 0.6% against the
yen and 0.3% against the euro.
Biman Mukherji, Jason Douglas and Jenny W. Hsu contributed to
this article
Write to Riva Gold at riva.gold@wsj.com
(END) Dow Jones Newswires
November 30, 2016 04:15 ET (09:15 GMT)
Copyright (c) 2016 Dow Jones & Company, Inc.
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