Oil’s Strength Boosts Global Stocks

Global stocks extended gains Tuesday as crude oil prices climbed past fresh highs for the year.
The Stoxx Europe 600 was up 1.1% in morning trade, led by banks and mining companies, following upbeat sessions in
Asia and on Wall Street.
Futures pointed to a small opening gain for the S&P 500. Changes in futures don’t necessarily reflect market moves
after the opening bell.makeAd(‘4′,’300×250′,’mktsnews’,’article’,”,”);
Rising oil prices helped the S&P 500 snap a three-day losing streak on Monday, and later lifted shares of energy and
mining companies in Asia and Europe.
Analysts have said, however, that the end of some of the production outages and higher-than-expected U.S., North Sea,
Iraq and Iran production could more than offset recent disruptions.
Meanwhile, Greece’s Athex Composite Index rose 1.2% following news that the International Monetary Fund is pressing
the eurozone to let Greece skip paying interest or principal on bailout loans until 2040, according to officials
familiar with the talks.
In currencies, the dollar rose 0.5% against the yen to ÂĄ 109.5880, while the euro was up 0.1% against the dollar
at $1.1325.
The British pound pared gains against the dollar to trade at $1.4477 after U.K. inflation data came in below
expectations.
Investors will focus on U.S. consumer price figures later Tuesday to assess recent inflationary pressures and gauge
their likely impact on central bank policy.
The Federal Reserve watches inflation releases closely to determine whether the economy is strong enough to withstand
further rises in interest rates.
With inflation moving toward the U.S. central bank’s 2% goal and labor markets tightening, a “pretty strong case for a
June move” for tighter policy is present, Richmond Federal Reserve Bank President Jeffrey Lacker said in an interview
published Monday on The Washington Post’s website.
-Marcus Walker and Jenny Hsu contributed to this article.
Write to Riva Gold at riva.gold@wsj.com

(END) Dow Jones Newswires
05-17-160405ET
Copyright (c) 2016 Dow Jones & Company, Inc.

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