GLOBAL MARKETS-Recovering oil prices lift European shares

(From Dec. 24 to 31, only one Global Markets wrapup a day will
move from London and none on Dec. 25. Normal coverage will
resume on Jan. 4)
By Marius Zaharia
LONDON, Dec 24 (Reuters) - A fourth consecutive day of gains
in oil prices helped lift European shares on Thursday, while an
almost 1 percent fall against the euro this week took the shine
off a strong 2015 for the dollar.
Falling supplies and the lifting of a 40-year old ban on
most U.S. crude exports pushed front-month West Texas
Intermediate (WTI) crude futures CLc1 32 cents higher at
$37.82 per barrel. They were set for the biggest weekly gain
since early October. O/R
Internationally traded Brent futures LCOc1 rose 30 cents
to $37.66, having fallen about 35 percent this year.
Cheapening oil prices have battered energy companies and
lowered inflation expectations, pushing government borrowing
costs lower and reinvigorating bets on further European Central
Bank monetary policy easing.
Britain's blue-chip FTSE 100 index .FTSE rose 0.3 percent,
while Spain's IBEX .IBEX advanced 0.7 percent and France's CAC
.FCHI edged down 0.1 percent.
Germany's DAX .GDAXI stock market was closed, with other
markets due to close early for the Christmas holiday. Oil majors
such as BP BP.L and Royal Dutch Shell RDSa.L climbed by
around 1 percent.
"The London market is benefiting from the latest rebound in
crude oil prices," said Spreadex analyst Connor Campbell.
European bond markets were closed. The euro EUR= was up
0.3 percent at $1.0943, while the dollar .DXY was down 0.3
percent against an index of rival currencies, having risen
almost 9 percent this year.
Against the euro, the dollar lost 0.8 percent this week,
having gained 11 percent since January in the run-up to the
first U.S. Federal Reserve interest rate hike since 2006.
"As we move closer towards 2016 there are few calls for the
dollar to repeat its 2015 strength, even despite the Fed now
finally having commenced its tightening cycle," said Simon
Smith, chief economist at FXPro.
The gains in European shares mirrored the upbeat mood in
Asia and on Wall Street. MSCI's broadest index of Asia-Pacific
shares outside Japan .MIAPJ0000PUS was up 0.6 percent, after
U.S. stocks posted their third straight session of gains.
But China's blue-chip CSI300 index .CSI300 and the
Shanghai Composite Index .SSEC were down 0.7-1.0 percent after
regulators tightened rules for insurers investing in listed
firms.
Japan's Nikkei .N225 ended 0.5 percent lower after a
stronger start.
Japanese Prime Minister Shinzo Abe's cabinet approved on
Thursday a record fiscal 2016 budget that counts on higher
growth and tax revenue to achieve Abe's aim of reviving the
economy and reining in public debt. ID:nL3N14D1AJ
Minutes of the Bank of Japan's November rate review released
earlier in the session showed that many policymakers complained
of slow wage and capital expenditure growth, but were optimistic
that companies will start to boost spending once emerging
economies improve. ID:nT9N0SP00R
Spot gold XAU= rose 0.3 percent to $1,073.60 an ounce.