LONDON, (Pakistan Point News - APP - 11th August, 2016) Wall Street and key European markets ventured back into positive territory Thursday, buoyed by strong corporate earnings which outweighed worries about the low oil prices. European stocks started the day mostly lower as the International Energy Agency (IEA) sent a chilling reminder that the world economy is headed for Brexit-created uncertainty and therefore weaker oil demand. But investors also took heart from the IEA's assertion that an oil production glut is still set to disappear by the end of the year.
They were also inspired by healthy earnings from China's Alibaba and American retailer Macy's, among others, and a stronger start to New York stocks. "US stocks are gaining ground in early action, along with European markets, aided by some mostly upbeat global earnings reports, which are overshadowing the recent weakness in crude oil prices," analysts at Charles Schwab said. Macy's shares rose over 15 percent and Alibaba's stock by more than five percent. Both Frankfurt and Paris were up by over half a percent, while London pared early losses to trade flat. "The FTSE 100 underperformed equity benchmarks in Germany and France as post-Brexit concerns highlighted risks for the domestic economy," said Jasper Lawler, analyst at traders CMC Markets.