European equities towards their highest in almost a month
On Tuesday gains in miners and energy producers pushed European equities toward their highest levels in almost a month.
Anglo American Plc and BHP Billiton Ltd. rose at least 4.4 percent, helping a gauge of commodity producers extend its highest level since June 2015. Enel SpA led an advance in utilities after announcing a plan to cut costs and dispose assets of about 3 billion euros ($3.2 billion). Energy producers climbed with oil on optimism OPEC will agree to reduce output, with BP Plc and Total SA up at least 1.2 percent.
The Stoxx Europe 600 Index added 0.4 percent at 10:26 a.m. in London, following gains in U.S. equities that sent all four of the country’s major benchmarks to records. Banks and miners have lifted European stocks in November following Donald Trump’s U.S. election win, on speculation his policies will spur economic growth.
The Stoxx 600 kicked off this year with a selloff it’s yet to recover from. The benchmark remains below levels seen before the U.K. referendum, and is 6.7 percent away from its 2015 close. It has recorded intraday swings between gains and losses for the past 10 days, the longest streak in more than three years.
Asian stocks advanced for a second day as a rally in oil prices drove energy companies higher and Japanese equities gained for a ninth day. The MSCI Asia Pacific Index added 0.8 percent to 135.49 as of 4:16 p.m. in Hong Kong. A gauge of Asian energy shares surged the most in seven weeks as oil climbed after Iran and Iraq signaled that a group of oil producing countries would reach a supply-cut deal. Japan’s Topix index extended its longest run of gains since August 2015, overshadowing concerns over a magnitude 7.4 earthquake off the coast of Fukushima.