Global Equities Grind Higher Buoyed By Oil, Apple

LONDON, , (UrduPoint / Pakistan Point News - 10th Oct, 2016 ) - Global stocks held firm Monday as oil prices hit their highest level in a year and Apple shares rose on further trouble for rival smartphone maker Samsung.

As traders digested last week's market volatility that saw the pound sink to a 31-year low against the Dollar over Brexit concerns , London's FTSE 100 won 0.5 percent. A weak Currency typically lifts the earnings of exporters.

Frankfurt rose 1.0 percent followed by Paris with a 0.9-percent increase, gaining momentum from a firmer Wall Street where petroleum-linked shares advanced. Brent North Sea crude rose to $53.45 a barrel at around 1453 GMT -- its highest price in a year -- after President Vladimir Putin indicated Russia was ready to join measures to limit global oil production.

Asian investors trod warily in holiday-thinned trade and the dollar climbed after last week's drop on below-par US jobs data, while samsung Electronics was hit by a renewed crisis over its recalled Galaxy Note 7 smartphone.

In US trading, Apple rose as Samsung Electronics acknowledged it was adjusting production of the Galaxy Note 7 smartphone due to reports that replacement units for devices with exploding lithium-ion batteries were also catching fire.

"It's been a slow start to the trading week, as a lack of news flow in Europe and Asia, combined with bank holidays in Japan, Canada and the US, hit trading volumes and switch attentions to big events later in the week," said Oanda analyst Craig Erlam.