European stocks higher as focus is turned on monetary policy outlook

European stocks advanced on Wednesday and Asian shares extended a losing streak as traders turned their focus to the outlook for monetary policy amid lingering worries for global trade.

Energy companies and miners were among the biggest winners in Europe. The MSCI Asia Pacific Index was on course for a 10th consecutive decline, the longest losing streak since 2002. The euro slipped after a report that the European Central Bank is set to lower its economic growth forecasts, while the pound fluctuated as Britain attempts to foster an amicable split from the EU.

Central banks are back in the spotlight this week, with market participants increasingly preparing for the Fed to raise rates twice more in 2018, and policy meetings on the schedule for the European Central Bank and Bank of England, as well as Turkish and Russian central banks. Meanwhile, investors will be gauging the potential for extreme weather to disrupt economic activity, as threats from trade tension and Brexit negotiations linger.

Elsewhere, emerging-market shares drifted lower and cryptocurrencies extended their collapse from a January high to 80 percent, surpassing the Nasdaq’s peak-to-trough bust in the 2000s.

The Stoxx Europe 600 Index rose 0.3 percent as of 10:14 a.m. London time, to the highest in more than a week. The MSCI Asia Pacific Index fell 0.2 percent, hitting the lowest in 13 months with its 10th consecutive decline. The MSCI AllCountry World Index climbed less than 0.05 percent to the highest in a week. The MSCI Emerging Market Index declined 0.1 percent to the lowest in about 16 months.

West Texas Intermediate crude gained 0.5 percent to $69.62 a barrel, the highest in more than a week. Gold dipped 0.2 percent to $1,195.92 an ounce. LME copper rose 1.4 percent to $5,940.00 per metric ton, the highest in more than a week on the largest advance in almost three weeks.