Global stocks were mostly higher on Monday as Chinese leaders began a key meeting expected to bring new pledges of support for the world’s second-largest economy.
Oil prices rose by more than $1 a barrel after OPEC+ oil producers announced they would extend production cuts until the end of the year.
No reason was given for the move, which comes ahead of Tuesday’s US presidential election.
U.S. benchmark crude oil rose $1.41 to $70.90 a barrel in electronic trading on the New York Mercantile Exchange. Brent crude oil, the international standard, rose from $1.37 to $74.47 per barrel.
In early European trading, Germany’s DAX index was down 0.1% at 19,228.81 and the Paris CAC 40 index was down 0.1% at 7,401.11.
Britain’s FTSE 100 index rose 0.3% to 8,199.56.
The future of S&The P 500 index rose 0.1%, while the Dow Jones Industrial Average fell 0.2%.
The Standing Committee of China’s National People’s Congress is scheduled to meet this week, and analysts have predicted the government may approve a major spending plan to boost the economy after two consecutive quarters of growth below the government’s target of about 5% this year. .
“Markets are buzzing with whispers of new stimulus measures, sending expectations through the roof and creating buzz that is difficult to ignore,” Stephen Innes of SPI Asset Management said in a commentary.
Hong Kong’s Hang Seng Index rose 0.3% to 20,567.52, while the Shanghai Composite Index rose 1.2% to 3,310.21.
Tokyo markets were closed for the holidays.
S in Australia&The P/ASX 200 rose 0.6% to 8,164.60, while the KOSPI in Seoul rose 1.8% to 2,588.97.
Taiwan’s Taiex index rose 0.8%, while India’s Sensex index fell 1.7%.
On Friday, Amazon boosted U.S. stock indexes, while a surprisingly weak jobs report amid some unusual events solidified bets on Wall Street that interest rates will be cut further next week.
S&The P500 rose 0.4%, recovering somewhat from the previous day and hitting its worst level in eight weeks. The Dow Industrial Index rose 0.7% and the Nasdaq Composite Index rose 0.8%.
A highly anticipated report found that U.S. employers added just 12,000 workers to their payrolls last month. That’s well below the 115,000 hirings economists had expected, or the 223,000 employers had generated in September.
A separate report found that U.S. manufacturing shrank more last month than economists expected. This was one of the hardest hit areas of the economy as the Federal Reserve kept interest rates at their highest in 20 years until September.
On Wall Street, expectations were almost unanimous that the Federal Reserve would cut its benchmark interest rate by 0.4 percentage points next week.
The hope on Wall Street is that despite the slowing job market, the economy can still avoid a recession, thanks in part to the Federal Reserve’s interest rate cuts. The overall economy remains more resilient than previously feared.
In currency trading Monday morning, the dollar fell to 152.17 yen from 152.42 yen late Friday. The euro rose $1.0894 from $1.0881.
