European stocks follow Asia higher

European stocks were higher on Thursday (November 26th) after equities had risen in Asia overnight.

Japan’s Nikkei 225 added 0.5 per cent to close at 19,944.41, its highest since the middle of August, while South Korea’s Kospi index rose 1.1 per cent to a three-week high.

Following their lead, the Euro Stoxx 600 benchmark climbed 0.9 per cent in morning trading as stocks rose on the main bourses.

In London, the FTSE 100 added 0.6 per cent to 6,374.91, with Glencore up nearly four per cent.

The DAX in Frankfurt was up 1.5 per cent by lunch to 11,342.01. Infeon Technologies led the gains with a rise of 15 per cent.

France’s CAC 40 index rose more than one per cent as Renault gained 3.5 per cent.

Elsewhere, there was a four per cent gain for copper following a report that China is to probe short selling.

On the Comex in New York, copper for March delivery rose to $2.102 a pound at one stage, while nickel and zinc prices also climbed.

Oil eased off after enjoying a short-lived rally amid heightened geopolitical risks in the wake of a Russian jet being shot down by the Turkish military.

Brent shed one per cent to trade at $45.70 a barrel, while US light crude fell 0.3 per cent to $42.93.

The dollar held near an eight-month high in thin trade as investors settled down for a relatively quiet session with US markets closed for the Thanksgiving Day holiday.

EUR/USD held just above 1.06, near to March’s multi-year lows, while USD/JPY was down to 122.56.

Meanwhile the pound came under renewed pressure as traders increased their bearish bets for sterling despite expectations the Bank of England could raise rates next year.