London’s blue chips bounced higher as resources stocks climbed off their recent floors.
FTSE 100 was up 66 points at 5,994, with oil companies and miners leading the way.
US and Asian markets has already boosted the mood with Nasdaq posting its first daily gain in 2016 and Tokyo and Hong Kong buoyed by better trade data out of China.
China’s numbers meant some relief today for the battered mining sector.
Anglo American (LON:AAl) gained 4% to 241.8p, Glencore (LON:GLEN) 3% to 74.2p and BHP Billiton (LON:BLT) 2% to 630.4p, though it was oil that provided the most excitement.
After briefly dipping below US$30 per barrel in the US overnight, crude prices recovered as the US inventory numbers were weaker than expected.
It was the first rise in the crude price for eight days.
A reassuring statement from Tullow Oil (LON;TLW) also helped the sector.
The Irish firm has US$1.9bn of headroom it said today, which it reckons is enough financial firepower to withstand the current turbulence.
It sent its shares 10% higher to 136p.
In sympathy, Royal Dutch Shell (LON:RDSB) added 2.8% to 1,388p while BP (LON:BP.) rose 3.2% to 333.5p.
After the fireworks from Morrisons (LON:MRW) yesterday, rival Sainsbury’s numbers received a cooler response.
The chain, which has been doing better than rivals in the battle against discounters, said total third quarter retail sales rose 0.8% excluding fuel against the same period a year ago, although they fell 0.7% including fuel.
Shares fell 1.7% to 247p.
Tesco (LON;TSCO), meanwhile, added another 3% to 160.5p after a 7% rise Tuesday. Word yesterday was that its trading update tomorrow will pleasantly surprise.