Global Shares Up As Wall Street Rebounds

Global shares advanced on Thursday, October 5, 2023, following a drop in oil prices that contributed to a recovery on Wall Street, as reported by Yuri Kageyama for the Associated Press (AP).

The futures for the S&P 500, the Dow industrials were 0.3 lower, while the Nasdaq rose by 1.3%. Photo: Ryan Brown, UN Women Flickr

France’s CAC 40 lost 0.3%, closing at 6,976.60. Germany’s DAX shed 0.2%, settling at 15,222.00, while Britain’s FTSE 100 remained unchanged at 7,414.46. The futures for the S&P 500 and Dow industrials were 0.3% lower.

Market sentiment received a boost from a $5 decline in oil prices on Wednesday.

Although prices rebounded slightly during Asian trading, they were down nearly $1 in early European trading. Lower energy costs could alleviate inflationary pressures, which have prompted central banks to maintain high interest rates.

Japan’s benchmark Nikkei 225 surged by 1.8% to close at 31,075.36. Sydney’s S&P/ASX 200 gained 0.5%, reaching 6,925.50, while South Korea’s Kospi experienced marginal change, dropping less than 0.1% to 2,403.60.

The Hang Seng index in Hong Kong gained 0.1%, closing at 17,213.87.

Benchmark US crude oil fell by 90 cents to $83.32 a barrel in electronic trading on the New York Mercantile Exchange.

On Wednesday, it dropped by $5.01, settling at $84.22 per barrel, marking its most significant decline in just over a year. The oil price had hovered near $70 a barrel during the summer and has been pulling back since surpassing $93 last week.

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