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European shares jump as oil prices rebound

News Date: 9/3/2016 07:43:46
 
European shares scored gains on Wednesday, buoyed by energy shares and higher oil prices, while data from Britain showed manufacturing production growing by 0.7% m/m in January, easily beating expectations of a 0.2% rise, and much better than December's 0.3% contraction.

The pan-European index FTSEurofirst 300 jumped a little more than one percent to trade at 1,343, while Germany's DAX added 140 points, or 1.44% to hover around 9,828. France's CAC 40 gained 50 points, or 1.15% to 4,455. Britain's commodity-rich FTSE index climbed 45 points, or 0.75% to 6,169.

Oil prices rebounded strongly today after a three-percent slide, with Brent crude futures jumping 77 cents, or nearly two percent to trade at $40.43 a barrel, while U.S. West Texas Intermediate (WTI) crude futures surged 66 cents, or 1.85% to hover around $37.16 a barrel.

Precious metals tumbled as the risk appetite recovered today, with gold futures dropping seven dollars, half a percent to trade at $1,256 an ounce, while similarly, skidded 3 cents, or 0.20% to move back to $15.36 an ounce.

The dollar index advanced 0.20% to 97.34, while the euro power up a third of a percentage point to hover around 1.0974, while Japan's yen gained 0.12% to trade at 112.49. Britain's sterling inched up 0.06% against the greenback to 1.4425.

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