Global stocks rise while oil steadies around $100 a barrel
US indexes S&P 500 and Nasdaq Composite hit new records on Tuesday, and European markets also gained. Brent crude closed just above $100 a barrel as Persian Gulf exports edged closer to pre-war levels.
Financial markets worldwide moved higher on Tuesday. On Wall Street, the S&P 500 and Nasdaq Composite reached fresh record highs, and the Dow Jones Industrial Average also advanced. Major European indexes rose, as did most Asian equity markets.
US and European indexes
The Dow Jones Industrial Average gained 0.5% to 51,521.28 points. The S&P 500 climbed 0.6% to 7,818.93, while the Nasdaq Composite added 0.5% to 27,599.79.
In Europe, London's FTSE 100 rose 0.4% to 10,541.69, Paris's CAC 40 gained 0.5% to 7,868.71, and Frankfurt's DAX 30 advanced 0.8% to 25,449.19.
Oil and gas
Oil prices steadied as crude exports from Persian Gulf countries approached pre-war levels. Brent in London rose 0.3% to $100.58 a barrel, finishing the session just above that psychologically important threshold. WTI in New York electronic trading edged up by less than 0.1% to $89.44.
Arne Lohmann Rasmussen, commodities analyst at Global Risk Management, noted that September crude exports from the Persian Gulf excluding Iran averaged 19.2 million barrels a day, or 81% of the pre-war level. He added that crude exports have recovered to 91% of pre-war levels, but exports of refined products are only about 60%, and this supply shortfall is pushing fuel prices higher.
The Dutch TTF natural gas benchmark rose 3.92% to 76.40 euros per megawatt-hour.
Currencies
The euro strengthened against the US dollar from 1.1217 to 1.1257, and the British pound rose from 1.3221 to 1.3275 dollars. The dollar gained against the Japanese yen, moving from 157.99 to 158.17. The euro slipped slightly against the pound, from 84.84 to 84.81 pence.
