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Europe: Stock markets extend gains at open

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European stocks rose further Tuesday as the global rally gathered momentum on rebounding oil prices and speculation over more Chinese stimulus measures.

[LONDON] European stocks rose further Tuesday as the global rally gathered momentum on rebounding oil prices and speculation over more Chinese stimulus measures.

In initial trade, London's FTSE 100 benchmark index rose almost 0.4 per cent to 5,846.7 points compared with the close on Monday.

In the eurozone, Frankfurt's DAX 30 index also added 0.4 per cent to nearly 9,242.8 points and the Paris CAC 40 won 1.0 per cent to 4,157.30.

Asian stocks also ticked higher on Tuesday with energy firms among the big winners, tracking a second successive rally in crude oil prices.

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Market voices on:

Oil prices rebounded sharply on fresh hope of a coordinated output cut.

The Russian and Saudi oil ministers met Tuesday in Doha to discuss the global supply glut that has sent prices plunging, a Qatari official said. The oil ministers of Venezuela and Qatar also attended the talks.

European equities had soared Monday following bumper gains in Tokyo, and after European Central Bank president Mario Draghi said the bank was ready to act to stimulate the eurozone economy and push up inflation.

"The ECB is ready to do its part," Draghi told the European Parliament in Brussels in a hearing broadcast live online, adding: "We will not hesitate to act."

AFP

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