U.S. stocks gain as oil majors rally; Fedspeak in focus
BNN Bloomberg
European shares advanced, boosted by oil majors as crude prices recovered.
The Stoxx Europe 600 Index climbed 0.7 per cent, with Shell Plc and BP Plc among the biggest drivers of the gains. Contracts on the S&P 500 and the Nasdaq 100 were both higher, reversing earlier losses. In U.S. premarket trading, Zoom Video Communications Inc. fell after reporting slower sales and trimming its full-year revenue forecast.
The dollar weakened against all major currencies and Treasury yields declined. Oil advanced after Saudi Arabia pushed back against reports of a potential OPEC+ production increase.
Fed officials have broadly maintained their steadfast stance to fight against inflation. Yet San Francisco Fed President Mary Daly also said that officials need to be mindful of the lags in the transmission of policy changes, while her Cleveland counterpart Loretta Mester said she's open to slowing the tempo of rate hikes.
