London stocks hit record high on rallying oil price


Oil majors BP and Royal Dutch Shell rose in concert with European peers as crude prices jumped to $52 a barrel after Russian Federation and Saudi Arabia said supply cuts needed to last into 2018. Brent was fetching around $52 a barrel.

Despite global ransomware attacks across 74 countries around the world and another ballistic missile test conducted by Pyongyang, the German benchmark stock index DAX and the United Kingdom benchmark stock index FTSE 100 reached new all-time highs on Monday.

MSCI's broadest index of Asia-Pacific shares outside Japan rose 0.1 percent.

Japan's Nikkei slipped 0.2 percent on a stronger yen.

The weekend cyber attack, which slowed down after a security researcher stumbled on a way to at least temporarily limit the worm's spread, was expected to speed up on Monday when employees returning to work turned on their computers.

"Extending the cuts until March 2018 would take account of the fact that demand in the first quarter of a year is lowest for seasonal reasons", said Carsten Fritsch, analyst at Commerzbank.

"We are seeing safe havens bid a little higher".

"The Korean won has weakened, which may suggest the test has traders a little on edge", Rivkin's Woods said.

North Korea is believed to be developing an intercontinental ballistic missile (ICBM) capable of carrying a nuclear warhead and reaching the US mainland.

That drove a roughly 2.5 percent rise in oil prices, and spurred gains for copper and iron ore and in commodity-linked currencies including the Australian and Canadian dollars and Russia's rouble. South Korea's KOSPI climbed 0.15 percent.

In other moves, shares of TUI AG dropped 4.8%. The country's GDP shrank by 0.1 percent during the first three months of the year, following on from a 1.2 percent fall between October and December. This helped to offset disappointing Chinese data, as retail sales, industrial production and fixed asset investment all fell short of expectations.

Oil upswing: In London, shares of BP PLC (BP.LN) (BP.LN) and Royal Dutch Shell PLC (RDSB.LN) (RDSB.LN) ended up 0.9% and 0.5%, respectively. The benchmark S&P 500 index hit a record high. France's CAC 40 was off 0.1% at 5,399.69.

The pan-European STOXX 600 index was flat, hovering near a 2-month high and the euro-region, blue-chip STOXX 50 index was 0.3% at the time of writing.