• Asian, European stocks edge up • Brent crude prices rise • Treasury yields pause
Global stocks rose at the end of a week that saw an interest-rate cut from the Federal Reserve and dramatic swings in crude prices after an attack on production facilities in Saudi Arabia. The Stoxx Europe 600 gained 0.2% in opening trade. In Asia, the Shanghai Composite and Japan’s Nikkei both rose 0.2%.
The U.K.’s FTSE 100 dropped 0.3% as the British pound gained 0.3% against the U.S. dollar. European Commission President
on Thursday said talks with British Prime Minister
had gone well, raising hopes for a Brexit deal in the coming weeks, which in turn boosted the pound. Rolls-Royce shares were among the biggest fallers in Europe, down 2.1% after the British engineering group warned that issues with its Trent 1000 engines would continue longer than expected. Alten, the French engineering and technology consulting firm, saw its shares rise 7.6% after it reported higher fourth-quarter revenue. Brent crude gained to 0.8% to $64.90 per barrel after days of major price swings. Following an attack on key production facilities, Saudi Arabia was reaching out to foreign producers to send crude to its domestic refineries, as part of the country’s efforts to keep exports flowing. In addition to cutting interest rates on Wednesday, the Federal Reserve said it would consider at its next meeting whether it should allow its balance sheet to resume growth. The move wouldn’t mark the start of a new bond-buying program as a stimulus measure, but a return to the normal precrisis practice of letting the Fed’s balance sheet grow in line with the broader economy.
A trader works on the floor of the New York Stock Exchange, Sept. 13, 2019.
Richard Drew/Associated Press
The Fed this week also stepped in to relieve funding pressure in money markets, after rates on short-term repurchase agreements briefly jumped to nearly 10%. The yield on U.S. 10-year Treasurys on Friday was nearly flat at 1.776%, from 1.777% on Thursday. Bond yields and prices move in opposite directions. Elsewhere in commodities, gold prices rose 0.3%. Write to Avantika Chilkoti at Avantika.Chilkoti@wsj.com
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