TOKYO — European shares advanced Monday after a retreat in Asian markets and U.S. futures climbed ahead of Wall Street’s reopening following the Independence Day holiday.
Oil prices slipped after OPEC+ announced Sunday that seven of its members plan to expand oil production by a combined total of 188,000 barrels per day in August. It was the fifth straight month that OPEC+ members have agreed to raise output.
The countries increasing their output are Saudi Arabia, Russia, Iraq, Kuwait, Kazakhstan, Algeria and Oman.
Uncertainty over supplies persists as talks with Iran aimed at fully reopening the Strait of Hormuz appear to be on hold during funeral ceremonies for Ayatollah Ali Khamenei, which will continue for several days.
Brent crude, the international standard, lost 40 cents to US$71.72 a barrel. U.S. benchmark crude fell 29 cents to $68.40 a barrel.
In early European share trading, France’s CAC 40 rose 0.3 per cent to 8,529.96, while the DAX in Germany edged 0.1 per cent higher to 25,805.02. Britain’s FTSE 100 was unchanged at 10,678.07.
The future for the S&P 500 gained 0.5 per cent, while that for the Dow Jones Industrial Average was up 0.1 per cent.
In Asian trading, Japan’s Nikkei 225 was virtually unchanged at 69,737.69. Tech giant SoftBank Group Corp. declined 3.1 per cent, while computer chipmaker Tokyo Electron shed 1.2 per cent.
South Korea’s Kospi dipped 0.5 per cent to 8,051.33.
In Hong Kong, the Hang Seng gained 1.1 per cent to 23,616.32. The Shanghai Composite index inched down less than 0.1 per cent to 4,041.24.
Australia’s S&P/ASX 200 fell 0.2 per cent to 8,831.00.
In currency trading, the U.S. dollar rose to 162.29 Japanese yen from 161.32 yen, resuming its climb despite rumors that authorities might intervene to stem the yen’s decline. A year ago, the dollar was trading at 140 yen levels.
The euro cost $1.1419, down from $1.1437.
Markets in the U.S. were closed on Friday, July 3, for the Independence Day holiday. This year, July 4th fell on a Saturday.
This week will bring updates on U.S. housing, inflation and unemployment.
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Yuri Kageyama, The Associated Press
