Europe Stock markets rise as recovery continues

Europe Stock markets risen, helped by a rally in oil prices and hopes of more stimulus action by central banks.

 

London's FTSE 100 index was nearly 2% higher, with share indexes elsewhere in Europe showing similar gains.

Shares had risen strongly on Thursday, following hints from the European Central Bank that it was considering more action to boost the eurozone's economy.

The share rises come at the end of a turbulent week for the markets.

Stock markets had dived earlier in the week as investors fretted over falling oil prices and prospects for China's economy.

Draghi impact

Oil Prices offer Little Domestic Comfort

The oil price has more than halved in the past year, giving South Africa some relief, but the tanking rand means consumers are unlikely to see much benefit.

 

Because SA is an importer of crude, the fiscus will enjoy some comfort as cheaper oil prices may help narrow the current account deficit. Oil prices have dropped to below $30/barrel due to a supply glut, a situation unlikely to change after sanctions against Iran were lifted at the weekend.
This is from levels above $60/barrel last year.

BP Oil firm announces 4,000 job losses

UK oil firm BP has announced it is cutting 4,000 jobs globally, 600 of which will be lost from its North Sea operations.