(MENAFN- AFP)Global stock markets were higher Tuesday, as investors girded themselves for this week's key interest rate decisions, with the energy sector boosted by firm oil prices.
Wall Street opened tentatively higher as the US Federal Reserve sat down for its last policy-setting meeting of the year.
On this side of the Atlantic, however, Germany's DAX was underperforming Europe's other main indices, "losing ground amid a slightly stronger euro," said Accendo Markets analyst, Mike van Dulken.
In London, however, the FTSE was outperforming "thanks to a weaker pound versus the dollar and higher Brent Crude oil prices after a North Sea supply shutdown," the expert said.
London's FTSE 100 index advanced 0.3 percent in mid-afternoon deals and the Paris CAC 40 index won 0.4 percent, while Frankfurt's DAX 30 was only fractionally higher.
"The shutdown of the Forties pipeline can have a durable impact on the price because it adds to the tighter supply picture brought about by OPEC's output cuts," said London Capital Group analyst, Jasper Lawler.
"We suspect... that Brent is on its way to challenge the 2015 high near $68 per barrel."
Some degree of profit-taking had set in by mid-afternoon, with crude prices coming off recent highs, the overall rise has energised the oil sector because higher prices tend to translate into bumper profits and revenues.
In London, Anglo-Dutch energy giant Royal Dutch Shell's ''A'' shares jumped 1.4 percent to 2,445 pence and British rival BP gained 1.5 percent to 506.40 pence.
French oil and gas titan Total saw its share price rally 1.6 percent to 47.84 euros in Paris.
- Central banks in focus -
Focus this week, meanwhile, is also on monetary policy meetings of central banks in the United States, Britain and the eurozone.
On Wednesday, the US Federal Reserve unveils its latest decision, followed on Thursday by both the Bank of England (BoE) and the European Central Bank.
"European markets are trading in positive territory, with oil stocks particularly buoyant after the shutdown of the Forties Pipeline sent Brent crude oil to a 30-month high," said Rebecca O''Keeffe, head of investment at online stockbroker Interactive Investor.
"With all eyes on central banks this week, investors will be hoping that (ECB chief) Mario Draghi will remain the benevolent Santa Claus for markets and not turn into Scrooge," she told MENAFN- AFP.
Despite UK annual inflation hitting a near six-year high in November, according to official data Tuesday, the BoE was expected to keep rates on hold at its meeting this week.
Asian markets mostly fell Tuesday after a recent rally as investors cashed in while also looking ahead to key central bank meetings that could provide some idea about monetary policy in the new year.
Tokyo's Nikkei ended down 0.3 percent, while Shanghai sank more than one percent by the close and Hong Kong was off 0.6 percent.
Bitcoin futures for January ended at $18,850.00 as the cryptocurrency launched in a major exchange Sunday, well above its $15,000 initial price on the Chicago board options exchange (Cboe).
The Cboe launch marked the first opportunity for professional traders to invest in the digital unit on a traditional platform and is expected to be followed in a week by a rival listing on the Chicago Mercantile Exchange.
The spot price for Bitcoin quoted by Bloomberg -- which is lower than the Cboe -- rose slightly Tuesday, sitting at $16,930.
- Key figures around 1445 GMT -
New York - DOW: UP 0.5 percent at 24,500.64 points
London - FTSE 100: UP 0.3 percent at 7,476.51
Paris - CAC 40: UP 0.4 percent at 5,405.87
Frankfurt - DAX 30: UP 0.1 percent at 13,132.01
EURO STOXX 50: UP 0.2 percent at 3,587.53
Tokyo - Nikkei 225: DOWN 0.3 percent at 22,866.17 (close)
Hong Kong - Hang Seng: DOWN 0.6 percent at 28,793.88 (close)
Shanghai - Composite: DOWN 1.3 percent at 3,280.81 (close)
New York - DOW: UP 0.2 percent at 24,386.03 (close)
Euro/dollar: DOWN at $1.1744 from $1.1783
Pound/dollar: UP at $1.3334 from $1.3326
Dollar/yen: UP at 113.56 yen from 113.45 yen
Oil - Brent North Sea: down 23 cents at $64.46 per barrel
Oil - West Texas Intermediate: DOWN 16 cents at $57.83
burs-spm/jh
MENAFN1212201701430000ID1096225108
Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.