US futures and European stocks rose on Thursday as a drop in oil prices alleviated some investor concerns about inflation and piqued investor interest in attractively valued equities.
Contracts on the S&P 500 rose 0.5%, while those on the NASDAQ 100 rose 0.6%. The STOXX 600 index in Europe rose, with construction and consumer shares leading the way, while energy stocks lagged.
Trading volumes are lower than usual, as UK markets are closed for the Queen's Platinum Jubilee celebrations.
Crude oil fell on news that Saudi Arabia is prepared to pump more oil if Russian output falls. The OPEC+ meeting is scheduled to discuss supply policy.
The drop in oil prices helped to steady markets after data on US manufacturing activity and job openings on Wednesday fuelled fears that the Fed will need to tighten policy to slow runaway price gains. Treasuries lost ground, with 10-Yr yields exceeding 2.90%. After a recent decline on the prospect of widening interest rate differentials with the US, the dollar fell while the yen held near 130 per dollar.
Ukraine’s President Zelensky: There is the possibility of an inflection point in the country's conflict.
Kremlin: Russia won't sell oil at a loss.
Gulf OPEC Source: The decision on Russian compensation is highly possible at today's meeting.
Russia may agree to OPEC+ compensating its current drop in oil production because of sanctions - OPEC+ Source