GLNCY Glencore Plc (PK)

Global stocks extended a rally Wednesday ahead of key readings on the U.S. economy.

The Stoxx Europe 600 was 0.6% higher in early trade.

In Asia, Japan's Nikkei Stock Average rose 1.3% after reopening from a holiday. Chinese shares saw sharp gains, boosted by speculation that authorities will open a Shenzhen-Hong Kong trading link by the end of the year. The Shanghai Composite Index was up 4.3%%, while Hong Kong's Hang Seng Index climbed more than 2%.

Wednesday's rally followed a strong close for Wall Street on Tuesday, where higher oil prices fueled gains in energy shares.

Brent crude was last 0.5% lower at $50.27 a barrel Wednesday, pulling back from earlier gains amid worries about excess supply.

While Friday's October U.S. jobs report will be the week's data highlight, key readings on the U.S. economy will be watched later Wednesday including figures on private-sector payrolls, the service sector and the trade balance.

Appearances by Federal Reserve officials later in the day may offer clues on the timing of the first rise in U.S. interest rates in almost a decade, including a testimony from Fed Chairwoman Janet Yellen before a U.S. House committee.

In corporate news, Volkswagen AG said its emissions-testing scandal has widened beyond what was previously disclosed. Shares fell almost 10%.

Glencore PLC said it made significant progress in reducing its net debt and reaffirmed that its commodities trading division is performing in line with expectations. Shares rose nearly 7%.

After markets close, social media giant Facebook Inc. will announce its third-quarter results.

In currencies, the euro was down 0.3% against the dollar at $1.0930 after European Central Bank President Mario Draghi on Tuesday defended the bank's readiness to do more to combat low inflation.

In commodities, gold was 0.5% higher at $1119.10 a troy ounce.

Write to Riva Gold at riva.gold@wsj.com

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(END) Dow Jones Newswires

November 04, 2015 04:25 ET (09:25 GMT)

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