NEW YORK — Stock markets rose on Monday, with Wall Street higher on several big deals and Europe led by a surge in Spain’s IBEX index, while oil prices fell after Iraq said it wanted to be exempt from an Opec deal to cut production. Merger and acquisition activity spurred Wall Street, headed by Saturday’s announcement by telecommunications company AT&T Inc that it plans to buy Time Warner Inc for $85.4bn in what would be the biggest deal in the world this year if approved by regulators. "The deal activity suggests that companies are feeling positive about the prospects of the economy and that is encouraging," said Peter Cardillo, chief market economist at First Standard Financial. Iraqi oil minister Jabar Ali al-Luaibi said Baghdad wants to be exempt from any production cut the Organization of the Petroleum Exporting Countries is aiming to achieve. Brent crude futures were down about 1%, or 51 cents, at $51.27 a barrel by 3pm GMT. US West Texas Intermediate (WTI) crude was also abou...
Would you like to comment on this article?
Sign up (it's quick and free) or sign in now.
Please read our Comment Policy before commenting.
Subscribe now to unlock this article.
Support BusinessLIVE’s award-winning journalism for R129 per month (digital access only).
There’s never been a more important time to support independent journalism in SA. Our subscription packages now offer an ad-free experience for readers.
Cancel anytime.
Questions? Email helpdesk@businesslive.co.za or call 0860 52 52 00. Got a subscription voucher? Redeem it now.