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Global Stocks Rise at the End of a Bumpy Week

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09/20/2019 | 05:51am EDT

By Avantika Chilkoti

-- 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 0.1% in morning 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 0.2% against the U.S. dollar. European Commission President Jean-Claude Juncker on Thursday said talks with British Prime Minister Boris Johnson had gone well, raising hopes for a Brexit deal in the coming weeks, which in turn boosted the pound.

"The currency is still the easiest way to see how the mood is and how confident the market," said Esty Dwek, a strategist at Natixis Investment Managers.

Rolls-Royce shares were among the biggest fallers in Europe, down 3.6% 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 6.3% after it reported higher fourth-quarter revenue.

Brent crude gained to 0.5% to $64.74 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.

"The price of oil might be capped due to the fundamental slowdown in growth we see around the world, whether that be Europe or the world's second-largest economy, China," said Marshall Stocker, director of country research at Eaton Vance.

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.

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 1.772%, from 1.777% on Thursday. Bond yields and prices move in opposite directions.

Elsewhere in commodities, gold prices rose 0.4%.

Write to Avantika Chilkoti at Avantika.Chilkoti@wsj.com

Stocks mentioned in the article
ChangeLast1st jan.
ALTEN -0.96% 103.3 Real-time Quote.43.47%
CHINA-SHANGHAI COMP 1.15% 3007.88 End-of-day quote.20.42%
CRB COMMODITY INDEX 0.10% 195.01 End-of-day quote.0.00%
EATON CORPORATION PLC -0.61% 80.86 Delayed Quote.18.50%
EATON VANCE CORP. 1.36% 44.06 Delayed Quote.23.56%
EURO / BRITISH POUND (EUR/GBP) -0.13% 0.8732 Delayed Quote.-1.50%
FTSE 100 INDEX 0.28% 7234.11 End-of-day quote.0.00%
GOLD 0.56% 1492.9 Delayed Quote.16.52%
LONDON BRENT OIL -2.31% 59.18 Delayed Quote.7.64%
NATIXIS 0.85% 3.812 Real-time Quote.-8.23%
NIKKEI 225 1.15% 21798.87 Real-time Quote.7.68%
STOXX EUROPE 600 -0.49% 389.69 Delayed Quote.13.36%
STOXX EUROPE 600 NR -0.49% 838.91 Delayed Quote.16.43%
TRENT LTD 2.14% 507.8 End-of-day quote.41.06%
WTI -2.43% 53.45 Delayed Quote.14.98%
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