World stocks lift as Opec+ cuts supply output

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GLOBAL-MARKETS/ (WRAPUP 3, PIX):GLOBAL MARKETS-Shares rise, but concern mounts over inflation flare-up

04 April 2023 - 12:34London — Global stocks rose in cautious trade on Tuesday as investors grappled with the possibility of a flare-up in inflation due to the Opec+ group’s surprise output cut, while the dollar sagged after weak US manufacturing data the previous day.

In Europe, the Stoxx 600 rose 0.4% in early trading, led by gains in basic resources stocks such as Glencore, whose bid for Teck Resources was rebuffed by the Canadian copper miner the day before, while oil and gas stocks like Shell, BP and TotalEnergies got a lift from the strength in the crude oil price.

“The move by Opec+ is particularly unhelpful for central banks who, while being worried about sticky inflation, are becoming increasingly concerned about pushing rates up from their current levels,” he said. Investors believe the Federal Reserve and other central banks may be almost done raising interest rates, especially in light of the turmoil across the banking sector in March, and as inflation has gradually cooled off in recent months.The other concern is whether or not higher rates and slower growth will eventually tilt the US economy into recession.

 

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