OIL PRICES STABILIZE
Global stocks were higher Tuesday after oil prices stabilized and the Dow Jones Industrial Average closed above 18,000 for the first time since July.
The Stoxx Europe 600 rose 1% in morning trade, following an upbeat trading session in Asia.
Shares of mining companies led gains in Europe and Australia as commodity prices continued to recover from steep declines early Monday.
Brent crude oil was last up 2.1% at $43.82 a barrel, above where it was before talks about a production freeze collapsed over the weekend. Analysts said oil prices drew support on Tuesday from a strike by oil workers in Kuwait, reducing concerns about a global glut of supply.
Futures pointed to a small opening gain for the S&P 500. Changes in futures don't necessarily reflect market moves after the opening bell.
Earlier, gains in energy and mining shares led Australia's S&P/ASX 200 to a three-month high.
Shares in Japan reversed Monday's steep drops after the yen stabilized against the U.S. dollar and concerns about the financial impact of recent earthquakes in Japan eased. Japan's Nikkei Stock Average ended 3.7%
The dollar has declined by nearly 10% against the yen this year, weighing on Japanese exporters and causing Bank of Japan Governor Haruhiko Kuroda to hint at the possibility of further stimulus measures in a recent Wall Street Journal interview.
The dollar was last steady against the yen at ¥108.9680.
In other currencies, the euro was up 0.3% against the dollar at $1.1241, building on two sessions of gains, as investors waited for a study of German economic sentiment and a lending survey from the eurozone.
The world's biggest crude exporters failed Sunday to reach an agreement on freezing oil output at January's levels. Heard on the Street's Helen Thomas looks at what could happen next in oil markets.
Investors also continued to focus on corporate earnings. Shares of Danone SA inched higher after the French dairy maker reported a fall in first-quarter sales that roughly matched analyst estimates.
Shares in Roche Holding AG also rose slightly after the Switzerland-based pharmaceutical company beat analyst estimates for first-quarter revenue.
In the U.S. late Monday, International Business Machines Corp. reported a 4.6% slide in first-quarter revenue and a 13.5% plunge in profit. Shares fell in after-hours trading.
Goldman Sachs Group Inc. is scheduled to report its first-quarter results before Wall Street opens. Analysts expect a quarterly profit of $2.45 a share, down sharply from $5.94 a share in the same period a year ago.
While earnings from major U.S. banks have come in above expectations in the last week, "It's worth putting into perspective, however, the huge downward revisions to earnings expectations through the year so far heading into this reporting season," said Jim Reid, strategist at Deutsche Bank.
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