Global equities show signs of stabilizing at the end of turbulent week

On Friday global equities showed signs of stabilizing at the end of a turbulent week in which investors confronted political crises in Washington and Brazil. Oil headed for a second weekly gain as OPEC members supported Saudi Arabian and Russian pledges to extend supply cuts.

Stocks in Europe advanced, paring their worst week since November. Gold resumed gains after briefly halting a five-day rally, while the dollar fell as emerging-market currencies rebounded from a selloff sparked by calls for Brazil’s leader to resign over an alleged cover-up. The euro was poised for its best week in almost a year.

Market volatility eased after U.S. President Donald Trump’s administration sought to move past controversies surrounding Russia that have threatened to ensnare its plans for tax cuts and infrastructure spending. Risk sentiment was also helped by better-than-expected U.S. jobless claims and regional manufacturing data Thursday.

The Stoxx Europe 600 Index rose 0.6 percent as of 10:56 a.m. in London, paring its weekly loss to 1.1 percent. S&P 500 futures were up 0.3 percent. The benchmark index rose 0.4 percent on Thursday after plunging 1.8 percent in the previous session, its worst day since the 9 September.

West Texas crude rose 1.1 percent to $49.87, poised for a weekly increase of 4.2 percent, on optimism OPEC will reaffirm efforts to drain a global glut at their meeting in Vienna on May 25. Gold was set for the biggest weekly gain in more than a month as investors weigh political risks in U.S. Bullion for immediate delivery climbed 0.4 percent to $1,252.37 an ounce, on track for a 2 percent advance this week.

The MSCI Asia Pacific Index rose less than 0.1 percent, with more stocks advancing than declining. Japan’s Topix index climbed 0.3 percent, after sliding 1.3 percent on Thursday. The gauge lost 1.3 percent for the week.