August 21, 2018

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Global Stocks edge higher as oil, dollar climb

Global Stocks edge higher as oil, dollar climb

Global stocks were mostly higher Friday as oil prices rose and the dollar began to climb back from two days of steep declines. The Stoxx Europe 600 was up 0.4% late morning, on track to recoup its losses for the week.

Gains were led by the auto sector as the euro fell 0.4% against the dollar to $1.1274. A weaker currency tends to boost shares of exporters. Pressure on the common currency was added by comment from the European Central Bank’s chief economist Peter Praet, who said Friday that the bank could further reduce interest rates to combat weakness in inflation.

“We are in a recovery, but the pace of the recovery is very very modest and remains fragile,” said Patrice Gautry, chief economist at Union Bancaire Privée.  Read more

 

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