Stock indices closed higher on a rise in oil prices. Oil prices increased on news that Russia and Saudi Arabia reached a consensus about the freeze of the oil output. Russia’s news agency Interfax reported on Tuesday that Russia and Saudi Arabia reached a consensus about the freeze of the oil production, according to a source familiar with the matter. The source also said that Saudi Arabia’s decision would not depend on whether Iran would freeze its oil output or not.
The International Monetary Fund (IMF) released its World Economic Outlook on Tuesday. The IMF lowered its global economic growth forecasts due to a modest recovery in advanced economies and the slowdown in emerging economies.
The global economy will expand 3.2% in 2016, down from the previous forecast of 3.4%, and 3.5% in 2017, down from the previous forecast of 3.6%, according to the IMF.
The Office for National Statistics (ONS) released the consumer price inflation data for the U.K. on Tuesday. The U.K. consumer price index rose to 0.5% year-on-year in March from 0.3% in February, exceeding expectations for a rise to 0.4%.
The increase was mainly driven by rises in air fares and clothing prices. Food prices declined.
On a monthly basis, U.K. consumer prices increased 0.4% in March, exceeding expectations for a 0.4% gain, after a 0.2% rise in February.
Consumer price inflation excluding food, energy, alcohol and tobacco prices climbed to 1.5% year-on-year in March from 1.2% in February, beating expectations for an increase to 1.3%.
The U.K. house price index increased at a seasonally adjusted rate of 0.4% in February, after a 0.9% rise in January.
On a yearly basis, the U.K. house price index increased at a seasonally adjusted rate of 7.6% in February, after a 7.9% in January.
Indexes on the close:
Name Price Change Change %
FTSE 100 6,242.39 +42.27 +0.68 %
DAX 9,761.47 +78.48 +0.81 %
CAC 40 4,345.91 +33.28 +0.77 %
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