Global stocks make modest gains as oil price stabilizes
TOKYO — Global shares rose in thin trading on Tuesday as energy stocks recovered from an overnight drop in oil prices and a sell-off in China.
KEEPING SCORE: Germany's DAX rose 1.5 percent to 10,817.18 while France's CAC 40 rose 1.4 percent to 4,682.84. Britain's FTSE 100 edged 0.4 percent higher to 6,279.45. Wall Street looked set to reverse Monday's losses, with both Dow and S&P futures up 0.5 percent.
THE QUOTE: "Volumes are very low," said analyst Angus Nicholson of IG in a market report, adding it is difficult to read too much into the market moves.
ENERGY: Monday's news that Iran intends to increase exports by 500,000 barrels per day once economic sanctions are removed deepened concern over excess global supplies, pushing prices 3.4 percent lower. But on Tuesday, benchmark U.S. crude rose 33 cents to $37.14 a barrel in electronic trading on the New York Mercantile Exchange.
ASIA'S DAY: Earlier, Japan's Nikkei 225 stock index rose 0.6 percent to close at 18,982.23 and Hong Kong's Hang Seng added 0.3 percent to 21,988.24. South Korea's Kospi was 0.1 percent higher at 1,966.31 and the Shanghai Composite Index gained 0.9 percent to 3,563.74. Australia's S&P/ASX 200 gained 1.2 percent to 5,267.30. Shares in New Zealand were higher, Taiwan fell and Southeast Asian shares were mostly higher.
CURRENCIES: The dollar was slightly higher at 120.37 yen, up from 120.26 on Monday. The euro slipped to $1.0945 from $1.0985 in the previous session.
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