Global stocks clock up fresh records as oil hits highest since mid-2015

World stock markets notched up a fresh record high on Wednesday, powered by a 3 percent jump in basic resources shares after oil prices hit their highest since mid-2015 and by robust earnings from companies such as Sony.

The latest gains came ahead of a U.S. Federal Reserve meeting, which is expected to signal a third rise in borrowing costs before the end of the year, and of a further flurry of earnings results that include Facebook. 

The pan-European STOXX 600 index hit its highest level since August 2015. Some of that was down to Germany’s DAX index which, playing catch-up after Tuesday’s holiday, jumped 1.7 percent to hit a fresh high. 

Stock markets in London and Paris climbed 0.2-0.4 percent on the day, and U.S. stock market futures pointed to another strong session for Wall Street. 

In Asia, MSCI’s broadest index of Asia-Pacific shares outside Japan hit a 10-year peak. Japan’s Nikkei jumped 1.9 percent to a 21-year high on booming profits for Japan Inc. 

Shares of Japanese multinational Sony soared as much as 12.3 percent to a nine-year high after the electronics and entertainment firm forecast its best ever annual profit. 

As of Tuesday’s close, 45 percent of MSCI Europe companies had reported results for the third quarter, of which 66 percent either beat or met expectations, according to Thomson Reuters I/B/E/S data.

The combination of robust economic and corporate earnings growth from the third quarter is giving the long-running bull market a new lease of life.

MSCI’s world stock index climbed 0.3 percent to a record high. Surging oil prices helped lift basic resources stocks in Europe, which include the continent’s biggest mining firms, by 3 percent. 

Oil rose to its highest since mid-2015 as data showed OPEC has significantly improved compliance with its pledged supply cuts, and Russia is also widely expected to keep to the deal. 

Brent crude futures, the international benchmark for oil prices, rose to $61.70 per barrel, the highest since July 2015. U.S. West Texas Intermediate crude was at $55.12 a barrel, up 74 cents.