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Markets

European stock markets rise at open in global rally

Published Updated

imageLONDON: Europe's main stock markets rose at the start of trade on Tuesday, extending a global rally despite lingering disappointment over failed Doha oil output talks.

In initial deals, London's benchmark FTSE 100 index increased by almost 0.3 percent to 6,370.75 points.

In the eurozone, Frankfurt's DAX 30 index added nearly 0.5 percent to 10,170.18 points, and the Paris CAC 40 gained 0.3 percent to 4,506.84 compared with Monday.

"European equities are trading moderately higher this morning, seeing early follow-through buying on the back of yesterday's impressive reversal," said trader Markus Huber at City of London Markets.

"The negative impact of lower oil prices continues to fade as a weaker yen is propelling stocks higher across Asia."

Tokyo led a recovery in Asian stock markets Tuesday, soaring more than three percent on the back of the weaker yen, which boosts exporters.

Dealers also built on a strong lead from Wall Street, while disappointment over failed oil talks gave way to hope for the global economy.

European equities had rebounded into modest gains on Monday, reversing initial losses sparked by the failure of oil producers to agree to an output freeze in Doha on Sunday.

The turnaround was prompted by a partial recovery in oil prices, as dealers eyed a strike that knocked out more than 60 percent of Kuwait's production.

Copyright AFP (Agence France-Presse), 2016

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