Futures Higher as Oil Deal Also Pushes Asia Up at Open - TheStreet

Futures for U.S. markets pointed northward late Wednesday, extending the euphoria over an increase in oil prices and pushing Asia to a higher open.

Futures for the Dow Jones Industrials were up 0.15%, the S&P 0.09% and Nasdaq 0.07% at 9:02 p.m. EDT.

OPEC on Wednesday agreed to slash production, sparking a sharp jump in oil prices and giving investors a reason to once again push stock markets higher. Comments by several Federal Reserve officials also seemed to cast doubt over an expected December rate increase.

The oil gains pushed the Dow up 0.61% Wednesday followed by a 0.53% increase on the S&P and a 0.24% gain on Nasdaq.

The gains continued in Asia where Japan's Nikkei added 1.22%, the Kospi in South Korea 0.74% and Australia's ASX 0.81% at 9:24 p.m. EDT. The Hang Seng in Hong Kong rose 0.88%.

Europe also had a good day Wednesday, due more to a recovery in shares of Germany's beleaguered Deutsche Bank (DB) - Get Report , which ended the day 3.19% higher in New York after declining about 50% so far this year. Germany's Dax gained 0.74%, the FTSE in London 0.61% and Paris' Cac 0.77% Wednesday.

Oil's ascension appeared to run out of steam as Asia awoke with November futures for industry standard Brent crude flat at $48.69 per barrel at 9:12 p.m. and futures for West Texas crude up just 12 cents, to $47.17 per barrel, again for November delivery.

In currencies, the pound gained 0.13%, to $1.3033 at 9:29 p.m. EDT while the yen added 0.6245% against the dollar to ¥101.345.

In after-hours trade, shares of unprofitable Fort Worth retailer Pier 1 Imports (PIR) - Get Report leapt 8.9% after the company passed a poison pill and agreed to pay three executives retention bonuses. The company passed the defensive measure after activist investor Alden Global Capital took 9.5% of the company and said it wanted to be involved in the search for a CEO to replace outgoing Alex Smith.

The company also said same-store sales in the second quarter slipped 4.3%, leading to a loss of 5 cents a share compared to 4 cents in profit in the same three-month period a year earlier.