Firmer oil prices push markets up

Stocks in Europe gained, while the dollar slipped and Treasuries edged higher as the week’s central-bank meetings remained the focus for market participants.

The Stoxx Europe 600 Index gained as technology shares rebounded after a $5 billion deal in the sector. Energy shares also rose, helped by firmer oil prices. In Asia earlier, the Nikkei 225 retreated from a 26-year high, and Hong Kong and Chinese shares slipped, after U.S. stock indexes hit fresh highs overnight. The euro edged higher and most European bonds declined even as German investor confidence slid in December for the first time in four months.

Meanwhile, sterling fluctuated as U.K. inflation unexpectedly accelerated to the highest rate in more than five-and-a-half years. Brent crude jumped above $65 a barrel for the first time since June 2015 after one of the most important pipelines in the world was shut because of a crack. U.K. natural gas prices surged after a pipeline explosion in Austria threatened to tighten flows. Gold recovered from a five-month low while most industrial metals declined, led by nickel.

Trading remained lackluster at the beginning of the week as investors awaited the year’s final central bank policy moves. The Federal Reserve is expected to raise rates at its meeting on Wednesday and the European Central Bank to reveal details of plans to taper asset purchases on Thursday.

The Stoxx Europe 600 Index climbed 0.2 percent as of 11:20 a.m. London time, the highest in more than a month. The U.K.’s FTSE 100 Index jumped 0.3 percent to the highest in more than a month. Germany’s DAX Index gained 0.1 percent. Japan’s Nikkei 225 Stock Average decreased 0.3 percent. The MSCI Asia Pacific Index fell 0.1 percent. The MSCI Emerging Market Index dipped 0.5 percent. Futures on the S&P 500 Index increased 0.1 percent to 2,666.00, the highest on record.