Euro­pean eq­ui­ties to­wards their high­est in al­most a month

Malta Independent - - FINANCIAL - This ar­ti­cle was com­piled by BOV As­set Man­age­ment Lim­ited, a mem­ber of the BOV Group. BOV As­set Man­age­ment,TG Com­plex, Suite 2, Level 3, Brew­ery Str., Mriehel BKR 3000. Email: in­fobo­vas­set­man­age­ment@bov.com In­ter­net ad­dress: www.bo­vas­set­man­age­ment.com. BO

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.

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