Global Market-Oil rises, setting aside trade fears

World stock markets broadly rose for a second straight day on Wednesday, while safe-haven assets such as U.S. bonds and the Japanese yen slipped with hope of the ongoing U.S-China trade spat abates.

Brent sweet crude futures rose at 79.40 dollars a barrel while U.S. crude prices rose to settle at 71.12 dollars.

Twisted reports on oil pricing gives concern to true pricing calling group around the globe.

European shares gained on trade-sensitive materials and auto stocks, while on Wall Street the S&P 500 and the Dow industrials were buoyed by U.S. bank stocks on the back of higher Treasury yields.

The Dow hit its highest since late January.

A drop in Microsoft pressured the Nasdaq and disappointing results in Europe from staffing firm Adecco and home improvement retailer Kingfisher weighed on indexes.

MSCI’s gauge of equity markets in 47 countries gained 0.37 per cent and the pan-European FTSEurofirst 300 index closed up 0.33 per cent to two-week highs.

On Wall Street, the Dow Jones Industrial Average rose 176.25 points, or 0.67 per cent, to 26,423.21.

The S&P 500 gained 2.89 points, or 0.10 per cent, to 2,907.2 and the Nasdaq Composite dropped 15.44 points, or 0.19 per cent, to 7,940.67.

U.S. 10- and 30-year Treasury debt yields hit fresh four-month highs after a report that U.S. homebuilding increased more than expected in August.

The strong data pushed 10-year U.S. Treasury note yields to a high of 3.092 per cent, and 30-year bond yields to a high of 3.248 per cent, extending a three-day rise in yields.

The dollar slid against the euro and fell to the lowest in nearly three weeks against the risk-sensitive Australian dollar as the latest U.S.-Chinese trade tensions failed to unnerve investors.

The dollar index, which measures the greenback against a basket of six other major currencies, fell 0.11 per cent to 94.532.

The euro rose 0.06 per cent to 1.1672 dollars and the Japanese yen fell 0.09 per cent versus the greenback at 112.25 per dollar.