Stocks positive as trade tensions ease

On Friday stocks in Europe added to this week’s advance following a positive session in Asia as investors took heart from further signs of trade tensions easing. The dollar weakened as Treasury yields dipped after rising above 2.8 percent Thursday.

The Stoxx Europe 600 gauge reached a six-week high, led by raw-material producers as industrial and precious metals advanced along with crude oil. U.S. equity-index futures edged higher after President Donald Trump hinted yesterday that the country may rejoin the Trans-Pacific Partnership free-trade deal he pulled out of shortly after taking office.

Crude oil climbed to a threeyear peak after the International Energy Agency said a global glut that weighed on prices is close to being cleared. The commodity extended a rally sparked by escalating tensions in the Middle East. Aluminum headed for its biggest weekly increase since at least 1987 on concern U.S. sanctions on Russia’s United Co. Rusal will disrupt supplies. Copper, zinc and nickel also gained, along with gold.

Meanwhile, sterling headed for the strongest level in almost a year against the euro as the market bets on a Bank of England interest-rate hike next month, while the European Central Bank revealed a dovish slant in the account of its March meeting published Thursday. The U.K.’s FTSE 100 stock benchmark underperformed as pound strength weighed on exporters.

The Stoxx Europe 600 Index gained 0.2 percent as of 10:46 a.m. London time, the highest in more than six weeks. The U.K.’s FTSE 100 Index fell 0.1 percent. Germany’s DAX Index jumped 0.4 and France’s CAC 40 Index increased 0.2 percent. Futures on the S&P 500 Index climbed 0.1 percent to the highest in more than three weeks. The MSCI Asia Pacific Index rose 0.2 percent. Japan’s Topix index gained 0.6 percent, Hong Kong’s Hang Seng Index fell 0.1 percent, South Korea’s Kospi index rose 0.5 percent.