Asia Stocks to Rise After US Brushes Off Hot PPI: Markets Wrap

Shares advanced before a report that’s expected to show a slowing in US inflation, which will help shape the outlook for the Federal Reserve’s next steps. A move by China’s sovereign wealth fund to buy shares of the country’s largest banks fueled further optimism.

Europe’s Stoxx 600 Index advanced 0.4% to a three-week high, with miners leading gains. Energy shares outperformed as oil erased a drop after OPEC+ leaders Saudi Arabia and Russia reaffirmed their close cooperation to support the crude market. Banks declined, led by Barclays Plc after Chief Executive C.S. Venkatakrishnan said stagnant deal activity, easing volatility and peaking interest rates are set to weigh on the sector’s earnings.