An announcement on Sunday of an output target cut by the Organization of the Petroleum Exporting Countries (OPEC) and its partners, known as OPEC+, boosted oil prices and complicated the inflation outlook. Brent crude was last up 0.95% at $85.72 a barrel, set for its biggest two-day rally since last April, with a gain of 7.5% over Monday and Tuesday.
Investors were also assessing Monday’s survey of U.S. manufacturing activity from the Institute for Supply Management, which in March slumped to a near three-year low as new orders plunged, and analysts said tighter credit conditions could choke off more activity.
In Europe, the STOXX 600 rose 0.6%, led by gains Glencore, whose bid for Teck Resources was rebuffed by the Canadian copper miner the day before, while financial shares rallied, led by Investec, which sold its UK wealth management unit to Rathbones.
Meanwhile, U.S. stock futures pointed to a strong start on Wall Street later, rising 0.4-0.6%, while…
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