European stocks positive as oil advanced

On Wednesday European stocks overcame a sluggish start as oil’s advance spurred energy companies, while the dollar and Treasuries steadied before the latest Fed minutes and a meeting between Donald Trump and China’s Xi Jinping.

Crude is extending its advance before government data which is forecast to show U.S. stockpiles retreated from a record. Oil and gas companies led the Stoxx Europe 600 Index toward a second day of gains after the gauge fluctuated in early trading.

Investors and markets have been largely in a holding pattern, awaiting the next major catalyst to either end or extend the global rally that pushed stocks to a record last month. A series of major data releases this week culminating in a payrolls report Friday forecast to show 175,000 jobs added by U.S. employers in March is offering clues to the strength of the world’s biggest economy.

Minutes from the latest meeting of the Federal Reserve will be parsed for clues on the path of monetary tightening, as well as how the the central bank plans to unwind its $4.5 trillion balance sheet.

The Shanghai Composite Index rose 1.5 percent, the most since August, while Taiwan’s Taiex advanced 1.4 percent as both markets reopened after a holiday. China announced Saturday it would develop an economic zone outside Beijing, prompting prospective buyers to throng to the region.

The MSCI All-Country World Index climbed 0.1 percent as of 10:41 a.m. in London. The Stoxx Europe 600 added 0.2 percent after fluctuating between gains and losses.

West Texas Intermediate crude climbed 1.2 percent to $51.64 a barrel, adding to Tuesday’s advance. Base metals increased after a plan to develop an economic zone near Beijing boosted the outlook for demand, with zinc climbing 1.8 percent as a smelter in Peru was also affected by flooding. Gold declined 0.3 percent to $1,252.95 an ounce after a three-day advance.