Global Stocks to Close Out Solid Month

Global stocks mostly inched higher Wednesday despite anxiety over commodity prices, on track to close out a solid month with gains.

The Stoxx Europe 600 climbed 0.2% in the early minutes of trading, while futures pointed to a 0.1% opening gain for the S&P 500.

The moves followed a mixed session in Asia, as steep swings in commodity prices offset a higher close on Wall Street.

Brent crude oil was last up 1.3% at $47.92 a barrel in choppy trading as investors awaited news later Wednesday on the prospect of a production cut by the Organization of the Petroleum Exporting Countries. Iran's oil minister said Wednesday that he believed the cartel would reach a production deal, but that an immediate freeze of his country's output wasn't on the agenda.

Mining companies also fell sharply as metals prices continued to retreat from a major rally. Three-month copper futures in London fell 0.9% to $5,689 a ton, while aluminum futures also declined following a selloff by Chinese investors.

Steel and iron-ore prices in China fell sharply on Wednesday after exchanges there lowered the daily trading limit and raised margin requirements in an effort to curb speculation. The recent rally in metal prices was largely driven by Chinese investors on hopes that demand would pick up in China and the U.S., analysts said.

Meanwhile, U.K. bank shares were mixed in morning trading after the Bank of England said that the outlook for financial stability in the U.K. remained challenging but the financial system has held up well since the U.K.'s June referendum. Shares of RBS fell 2.6% and Standard Chartered fell 0.6%, while HSBC and Lloyds Banking Group both advanced.

The dollar continued to rise and was last up 0.6% against the yen and 0.3% against the euro.

Biman Mukherji, Jason Douglas and Jenny W. Hsu contributed to this article

Write to Riva Gold at [e-mail]

(END) Dow Jones Newswires

November 30, 2016 04:15 ET (09:15 GMT)

Copyright (c) 2016 Dow Jones & Company, Inc.