LONDON: Global stock markets and oil prices advanced Monday, helped by an easing of Covid lockdowns in the world’s second-biggest economy China.

London’s stock marketshrugged off news that embattled British Prime Minister Boris Johnson was Monday to face a confidence vote from MPs in his own conservative party.

Elsewhere, eurozone stocks climbed ahead of a European Central Bank meeting on Thursday when the ECB is set to draw a line under its massive bond-buying stimulus programme.

Stocks “have started the week on a positive note buoyed by a strong US jobs report on Friday,” said Victoria Scholar, head of investment at Interactive Investor.

Traders took heart also from a wind-down of Covid containment measures in China that have crippled its economy for months.

Oil prices extended recent gains as a pledge by Opec and other major producers to boost output fell short of what markets hoped for.

“Despite Opec+’s increased output, prices could remain elevated driven by the EU partial ban on Russian imports, the easing of Covid restrictions in China and peak driving season in the United States,” said Scholar.

Published in Dawn,June 7th, 2022