LONDON (AP) — The latest on the turmoil in global financial markets (all times local):
10:30 a.m.
Reports that several oil ministers, including those from Russia and Saudi Arabia, have reached a conditional agreement to freeze production at January levels, haven't been greeted with much enthusiasm in markets.
A child walks amongst red lanterns set up for the Spring Festival holidays in Beijing, China, Monday, Feb. 15, 2016. Hopes that the fall in the Chinese currency may have run its course have helped stock markets around the world start the week on a positive note. (AP Photo/Ng Han Guan)
Having opened firmly, European stock markets are back in the red, with the Stoxx 600 index down 0.6 percent. The main New York benchmark rate drifted back below $30 a barrel on the news, though it was still trading 1 percent higher on the day at $29.75.
Mike van Dulken, Head of Research at Accendo Markets, says the reported deal doesn't represent "quite the 'cut' that oil bulls had been hoping for."
He also says the deal is contingent on other oil-producing nations agreeing to the freeze and that Iran "is unlikely to given it has only just returned to the market after sanctions were lifted."
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10:05 a.m.
Oil prices have bounced back further amid reports the Russian and Saudi oil ministers met in Doha, Qatar, and reached a conditional agreement to freeze production at January levels.
A barrel of benchmark New York crude is up 77 cents at $30.21, while a barrel of Brent, the international standard, has increased 89 cents to $34.28.
Kit Juckes, a global strategist at Societe Generale, isn't confident about the sustainability of the latest rise as the oil market is "now hyper-sensitive to news in both directions on supply, inventories and oil-politics."
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9:05 a.m.
Another solid performance across Asian markets has helped European stocks post further gains, but few market participants are willing to say the recent turmoil has run its course.
The strengthening of the Chinese currency, a rebound in the price of oil and hopes for more central bank stimulus have offered stock markets relief this week.
Following broad-based increases in Asia earlier, European markets have opened in the black, with the Stoxx 600 index up 0.5 percent.
Much of the week's tone could well hinge on how U.S. markets perform when traders on Wall Street return to their desks later following the Presidents' Day holiday.
Michael Hewson, chief market analyst at CMC Markets in London, is cautious that the better tone in markets this week marks a turning point. The factors that have driven the sharp declines in the last few weeks "haven't changed," he said.
A man walks past an electronic stock board showing Japan's Nikkei 225 at a securities firm in Tokyo, Tuesday, Feb. 16, 2016. Asian stocks rose for a second day Tuesday as rising hopes for more central bank stimulus and a jump in crude oil prices gave investors relief from the mauling that markets have suffered so far this year. (AP Photo/Eugene Hoshiko)
People walk past an electronic stock board showing Japan's Nikkei 225 at a securities firm in Tokyo, Tuesday, Feb. 16, 2016. Asian stocks rose for a second day Tuesday as rising hopes for more central bank stimulus and a jump in crude oil prices gave investors relief from the mauling that markets have suffered so far this year. (AP Photo/Eugene Hoshiko)
A child is carried past red lanterns set up for the Spring Festival holidays in Beijing, China, Monday, Feb. 15, 2016. Hopes that the fall in the Chinese currency may have run its course have helped stock markets around the world start the week on a positive note. (AP Photo/Ng Han Guan)
A man looks at an electronic stock board of a securities firm in Tokyo, Monday, Feb. 15, 2016 as Japan's benchmark Nikkei 225 index, top left, rebounded from last week's slump to post its second biggest one-day gain in three years, soaring 1,069.97 points or 7.2 percent to close at 16,022.58. Japanese stocks rocketed Monday, leading most Asian markets higher after dismal growth data raised hopes of extra stimulus for the world's third-biggest economy, weakening the yen. Chinese shares dropped on their first day of trading after a weeklong holiday that coincided with a sharp sell-off in global markets. (AP Photo/Koji Sasahara)
A man looks at an electronic stock board of a securities firm showing Japan's benchmark Nikkei 225 index that rebounded from last week's slump to post its second biggest one-day gain in three years, soaring 1,069.97 points or 7.2 percent to close at 16,022.58 in Tokyo, Monday, Feb. 15, 2016. Japanese stocks rocketed Monday, leading most Asian markets higher after dismal growth data raised hopes of extra stimulus for the world's third-biggest economy, weakening the yen. Chinese shares dropped on their first day of trading after a weeklong holiday that coincided with a sharp sell-off in global markets. (AP Photo/Koji Sasahara)
A couple stand by an electronic stock board of a securities firm in Tokyo, Monday, Feb. 15, 2016. Japanese stocks rocketed Monday, leading most Asian markets higher after dismal growth data raised hopes of extra stimulus for the world's third-biggest economy, weakening the yen. Chinese shares dropped on their first day of trading after a weeklong holiday that coincided with a sharp sell-off in global markets. Japan's benchmark Nikkei 225 index rebounded from last week's slump to post its second biggest one-day gain in three years, soaring 1,069.97 points or 7.2 percent to close at 16,022.58. (AP Photo/Koji Sasahara)
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