STOCKS UP ON LOWER OIL AND AI OPTIMISM, FED IN SPOTLIGHT

European shares rose for a third day on Wednesday as easing oil prices offered relief ahead of a US Federal Reserve meeting that could give investors clues on how policymakers are weighing growth and inflation risks amid the Middle East conflict.

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A woman walks past a man examining an electronic board showing Japan's Nikkei average and stock quotations outside a brokerage, in Tokyo, Japan, March 20, 2023.

(Reuters)

Some renewed optimism around artificial intelligence stocks also lifted sentiment.

Focus remained on the conflict in the Middle East, with Israel intensifying its offensive by killing Iran’s security chief and Iran striking oil facilities in the United Arab Emirates, A senior Iranian official said the new supreme leader had rejected deescalation offers, signalling no quick end to a war that has triggered a global oil shock.

Oil prices eased after Iraq and Kurdish authorities agreed to resume exports via Turkey’s Ceyhan port, though the Strait of Hormuz remained largely closed. Brent crude futures fell 0.2 percent to $102.93 a barrel, while US West Texas Intermediate eased 1.7 percent to $94.5.