Wall Street ends losing streak

Stocks on Wall Street snapped a three-day losing streak after the release of US Federal Reserve minutes showing officials were in no hurry to tighten monetary policy.

But the minutes also recorded an extensive discussion about an exit strategy.

Energy stocks led the rebound as oil futures jumped back above $US100 a barrel. At the close (8am NZ time), the Dow Jones Industrial Average was up 80.60 points, or 0.7%, to 12,560.71 with Caterpillar, Chevron and Exxon Mobil in the lead.

The S&P 500 index was up 0.9% to 1340.66 while the technology-oriented Nasdaq Composite advanced 1.1% to 2815.00.

Other markets: Europe rebounds, Asia advances
European stock markets ended with modest gains, as rising commodity prices buoyed the resource sector.

The Stoxx Europe 600 index closed up 0.3% at 278.17, snapping a four-session losing streak.

The UK's FTSE 100 climbed 1.1% to 5923.49, as heavily-weighted mining stocks rallied. France's CAC-40 index ended 0.9% higher at 3978.00 and Germany's DAX rose 0.6% to 7303.53.

Asian equity markets ended mostly higher, with resources plays supporting Australian shares after a Moody's downgrade of the nation's four largest banks weighed on the sector. The S&P/ASX 200 gained 0.2% to 4693.70.

Banks and technology stocks led Tokyo stocks higher. The Nikkei Stock Average rose 1% to 9662.08.

Korea's Kospi added 1.6% to 2135.78, China's Shanghai Composite advanced 0.7% to 2872.77 and Hong Kong's Hang Seng Index climbed 0.5% to 23,011.14.

Indian shares fell sharply for a second day, dragged down by losses in State Bank of India. The Sensitive Index fell 207.68 points, or 1.1%, to close at 18,137.35.

Commodities: Oil rises above $US100, gold up
Oil prices marched higher after US inventory data showed stronger gasoline demand.

Light, sweet crude for June delivery gained $3.57, or 3.7%, to $US100.48 a barrel in New York. Brent crude in the ICE futures exchange added $US2.39, or 2.2%, to $US112.40 a barrel.

The gold contract for May delivery gained $US15.80, or 1.1%, to settle at $US1495.60 an ounce.

Currencies: Euro benefits from rising markets
The euro benefited moderately from gains in commodity markets and US equities. The Fed minutes were seen as a potential drag on the US dollar as any tightening of monetary policy will await a stronger economy

The euro was at $US1.4227 from $US1.4223 late on Tuesday. The dollar was at ¥81.58 from ¥81.39, while the euro was at ¥116.06 from ¥115.90.

The UK pound traded at $US1.6148 from $US1.6244. The dollar bought 0.8810 Swiss franc from 0.8813 franc.