European markets started lower in early trade Monday but climbed out of the red, following mixed investor sentiment from Asia, even as crude oil prices dipped again. U.S. stock futures were also trading in the positive territory hours before opening.
Among the European bourses, Germany’s DAX was up 0.68 percent while London's FTSE 100 was flat in mid-morning trade. The CAC 40 in France was up 0.22 percent and the pan-European Stoxx 600 was up 0.54 percent.
Asian markets were mixed as a stronger yen dragged Japan’s Nikkei 225 down 0.44 percent while South Korea’s Kospi Index closed slightly down. Mainland China stocks perked up as official data on China’s inflation showed a stable growth in consumer price inflation Monday. The Shanghai Composite gained 1.64 percent while China’s Nasdaq-style ChiNext Index was up 2.39 percent.
Elsewhere in Asia, Hong Kong’s Hang Seng Index was up 0.36 percent while India’s S&P BSE Sensex was up 0.6 percent with an hour of trade left.
In the U.S., index futures on the S&P 500 and the Dow Jones were up 0.33 percent while Nasdaq futures were up 0.49 percent.
West Texas Intermediate, the U.S.
benchmark for crude oil, eased to $39.50 after reaching the day's high of $40.47 and down 22 cents from the last session. Brent, the global benchmark, was also down 26 cents at $41.68 a barrel, after sharp gains late last week. Following a 6 percent rally on Friday, crude oil prices fell after
analysts said the prospects of a cap on global production at a planned oil producer meeting in April were low.
Goldman Sachs analysts cautioned that the April 17 meeting in Doha, involving global oil producers, may fail to reign in the global oversupply, according to Reuters.