The pan-European Stoxx 600 registered growth of 2%. The auto sector managed to add 3.8% and went on to lead the gains. Most of the bourses and sectors managed to enter the positive territory. The US economy managed to add 315,000 jobs in the month of August. The addition of jobs in the economy is a sign of hope for other investors that things are going in the right direction. There are many indications that help to cool the market fear, and it encourages the investors to proceed forward.
The Dow Jones Industrial Average registered growth of 140 points or 0.5%. The Nasdaq Composite and S&P 500 climbed by 0.6%. The shares of British private equity firm Bridgepoint Group also managed to climb 13%. There was also growth in oil as G-7 finance ministers are expected to put a price cap on Russian oil. However, Russia has clearly said that it will stop selling oil to countries that have plans to impose a price cap on its energy imports. Canada, France, Germany, Japan, UK, USA and Italy are members of G-7. The Brent crude futures managed to rise by 2.22%, and it touched the figure of $94.41 a barrel. The US West Texas Intermediate crude futures managed to rise by 2.47%, and it touched to $88.75 a barrel.
As the relations between the European Union and Russia have turned very bitter, the EU has set up a target to fill its gas storage facilities. Russia is the largest energy supplier to Europe, and most of the European nations depend on Russia to meet their energy needs. There has been a significant drop in the energy supplies from Russia as European nations have opposed the Russian invasion of Ukraine.
As per the IG data, Britainâ€™s FTSE 100 climbed around 23 points higher at 7,172. France's CAC 40 is likely to gain 35 points and open at 6,069 and Germany's DAX is likely to add 18 points to 12,748. According to economic experts, most major economies are likely to grow at an impressive rate as most of the restrictions have been scrapped. Such steps are giving a big boost to the economies.
Oil prices jump just ahead of the OPEC meeting
The oil prices jumped more than $1 a barrel. The investors are closely monitoring the possible steps of the OPEC producers. From the last few months, oil continues to remain in a strong position. Now, it is OPEC to decide whether the current output level is to be maintained or production is to be declared. Although the supply remains in tight condition. Russia is not in favor of decreasing oil production, and there is a big possibility that OPEC will steadily maintain the same output.
Request Call Back
Sign up to open account within minutes!Sign up