Europe set to follow Asia higher; oil rebounds – CNBC

7 months ago Comments Off on Europe set to follow Asia higher; oil rebounds – CNBC

Sentiment in Asian markets turned positive on Wednesday, despite declines seen in their U.S. and European counterparts.

Asian shares ticked higher after a survey revealed that China’s service sector strengthened in March, with the Caixin services purchasing managers’ index (PMI) for March rising to 52.2, up from February’s reading of 51.2. A reading above 50 indicates expansion.

This positive reading may help ease concerns over global growth, after final PMI figures for the euro zone disappointed European markets on Tuesday, offering few signs that the region’s economy was improving at a fast enough rate.

Investors in Europe and the U.S. will also be keeping an eye on the latest set of FOMC minutes due out after Europe’s close at 2 p.m. ET (7 p.m. UK time). The event may be able to provide some insight on how policymakers’ opinions diverge, following recent dovish tones from Federal Reserve chair Janet Yellen.

Despite turbulent trade on Tuesday, oil prices saw signs of recovery on Wednesday before Europe’s open.

Brent crude and U.S. crude were seeing gains of some 2 percent or more before Europe’s open, after Kuwait’s OPEC governor, Nawal Al-Fuzaiasaid there were “positive indications” that show an agreement among leading oil producers would be met; Reuters reported.

Retail-clothing firm H&M is expected to report its latest set of earnings on Wednesday.

CNBC’s Saheli Roy Choudhury contributed to this report.

Follow CNBC International on Twitter and Facebook.

Europe set to follow Asia higher; oil rebounds – CNBC