Stocks rally led by miners, banks – CNBC

6 months ago Comments Off on Stocks rally led by miners, banks – CNBC

A particular boost for markets came from data released by China’s General Administration of Customs that showed the country’s dollar-denominated exports for March increased 11.5 percent on-year, compared with a Reuters poll forecasting a 2.5 percent increase.

The dollar-denominated imports for the same month fell 13.8 percent on-year, wider than the 10.2 percent drop forecast in a poll reported by Reuters.

Spot metal prices got a boost from the news which, in turn, helped European listed basic resource stocks. Shares in Glencore and Rio Tinto rallied, while Arcelormittal’s stock got a boost from a rating and target price upgrade from Credit Suisse.

Oil markets remain in focus for investors ahead of a closely-watched meeting on April 17 between OPEC and non-OPEC producers which is aimed at freezing current output levels. Oil prices advanced more than 4 percent on Tuesday following a report that major producers Russia and Saudi Arabia had agreed to freeze output ahead of the producers meeting on Sunday.

But on Wednesday, Saudi Arabian oil minister Ali al-Naimi appeared to rule out a crude output cut in comments to al-Hayat newspaper, sending oil prices lower.

Still, the overall higher oil prices supported stocks in the sector. Repsol, BP and Statoil were among a number of the stocks rallying.

Stocks rally led by miners, banks – CNBC