News Highlights: Top Global Markets News of the Day

Features Dow Jones Newswires

Oil Extends Gains Before OPEC Meeting

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Crude oil futures rose, building on overnight gains in the U.S., on investors' optimism that an OPEC meeting will extend production cuts.

ECB Calls for More Pan-European Bank Mergers

The European Central Bank called on eurozone banks to engage in more cross-border mergers, warning that a lack of integration in the region's financial markets harmed its ability to set monetary policy.

Global Stocks Edge Higher as Commodity Prices Rise

Global stocks inched higher as an uptick in commodity prices and a modest recovery on Wall Street helped trim this week's losses.

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WSJ's Daily Shot: Brazil's New Scandal Reverberates Across Emerging Markets

Eurozone Current-Account Surplus Retreats From February High

The euro area's current account surplus declined in March from February's peak, data from the European Central Bank showed.

Emerging Markets Falter After Brazil Political Scandal

A rout in Brazilian stocks, sparked by a political scandal, reverberated throughout emerging markets, putting their extended rally at risk.

Trump Aims to Balance Budget

The president next week will propose the U.S. can balance the federal budget over 10 years with substantial cuts to safety-net programs combined with a tax and regulatory overhaul that speeds up the growth rate.

Fed Markets Lieutenant Suggests Reverse Repos May Be Too Critical to Phase Out

Federal Reserve Bank of New York Senior Vice President Lorie Logan suggested that a key part of the central bank's post-crisis toolkit for controlling interest rates is so helpful, it may be challenging to remove it again.

Fed's Mester Wants Rate Rises, but Won't Say When They Should Happen

Cleveland Fed President Loretta Mester offered an upbeat economic outlook and said more rate rises lie ahead for the central bank.

Trump Administration Could Support Government Backstop for Fannie and Freddie, Mnuchin Says

The Trump administration could support a government backstop for Fannie Mae and Freddie Mac as part of a broad overhaul of the companies, Treasury Secretary Steven Mnuchin told Senate lawmakers.

(END) Dow Jones Newswires

May 19, 2017 09:15 ET (13:15 GMT)