European stocks gain as oil rebounds

The Stoxx Europe 600 Index opened in the red following a second day of losses across Asia, but it went on to reverse losses.

Jun 13, 2019 10:06 IST India Infoline News Service

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US equity futures advanced with European stocks on Thursday, shrugging off losses in Asia despite a host of simmering geopolitical tensions. Oil jumped and Treasuries nudged higher.

The Stoxx Europe 600 Index opened in the red following a second day of losses across Asia, but it went on to reverse losses, and contracts on the three main US gauges tracked the move. There was plenty of caution remaining, however, and Treasuries continued to tick up alongside European government bonds. The day’s standout move was in oil, where crude rallied following Wednesday’s rout after a tanker incident in the Gulf of Oman.

Investors are doing their best to stay upbeat amid a host of worries just now. Details of the tanker incident remain unclear, but it follows other attacks in the region last month.

That comes as tensions simmer in Hong Kong following Wednesday’s clashes between police and protesters, the trade dispute between the US and China remains unresolved, and President Donald Trump fires fresh barbs at Germany. The hope for many traders is a newly dovish Federal Reserve can help blunt some of these threats.

Source: Bloomberg

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