Energy stocks helped European bourses turn positive, as a sustained rally for Brent crude to four-month high helped offset worries about faltering economic growth in China.
The international oil price rose a further 0.5 per cent to $67.89, its highest since mid November and an advance of over 6 per cent from the intraday low it touched earlier this month. The rally has tracked expectations for tighter supply due to supply curbs from Opec and US sanctions on Venezuela and Iran.
The Europe-wide Stoxx 600 rose 0.7 per cent, with the index tracking the region’s oil and gas producers up 1.1 per cent. Wall Street futures trade pointed to a gain of 0.1 per cent for the S&P 500.
There was a bleaker showing for mainland China’s stocks. The CSI 300 fell 0.7 per cent after further signs of the impact on growth of the country’s trade war with the US, with industrial output growth in the country retreating to a 17-year low.
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