Qatar cuts key interest rates by 25 bps    Global pressure mounts on Israel as Gaza death toll surges, war deepens    Egypt targets 7.7% AI contribution to GDP by 2030: Communications Minister    Irrigation Minister highlights Egypt's water challenges, innovation efforts at DAAD centenary celebration    Egypt discusses strengthening agricultural ties, investment opportunities with Indian delegation    Al-Sisi welcomes Spain's monarch in historic first visit, with Gaza, regional peace in focus    Cairo governor briefs PM on Khan el-Khalili, Rameses Square development    El Gouna Film Festival's 8th edition to coincide with UN's 80th anniversary    Egypt expands medical, humanitarian support for Gaza patients    Egypt condemns Israeli offensive in Gaza City, warns of grave regional consequences    Cairo University, Roche Diagnostics inaugurate automated lab at Qasr El-Ainy    Egypt investigates disappearance of ancient bracelet from Egyptian Museum in Tahrir    Egypt launches international architecture academy with UNESCO, European partners    Egypt signs MoUs with 3 European universities to advance architecture, urban studies    Egypt's Sisi, Qatar's Emir condemn Israeli strikes, call for Gaza ceasefire    Egypt condemns terrorist attack in northwest Pakistan    Egyptian pound ends week lower against US dollar – CBE    Egypt hosts G20 meeting for 1st time outside member states    Egypt to tighten waste rules, cut rice straw fees to curb pollution    Egypt seeks Indian expertise to boost pharmaceutical industry    Egypt prepares unified stance ahead of COP30 in Brazil    Egypt harvests 315,000 cubic metres of rainwater in Sinai as part of flash flood protection measures    Al-Sisi says any party thinking Egypt will neglect water rights is 'completely mistaken'    Egyptian, Ugandan Presidents open business forum to boost trade    Egypt's Sisi, Uganda's Museveni discuss boosting ties    Egypt's Sisi warns against unilateral Nile measures, reaffirms Egypt's water security stance    Greco-Roman rock-cut tombs unearthed in Egypt's Aswan    Egypt reveals heritage e-training portal    Sisi launches new support initiative for families of war, terrorism victims    Egypt expands e-ticketing to 110 heritage sites, adds self-service kiosks at Saqqara    Palm Hills Squash Open debuts with 48 international stars, $250,000 prize pool    On Sport to broadcast Pan Arab Golf Championship for Juniors and Ladies in Egypt    Golf Festival in Cairo to mark Arab Golf Federation's 50th anniversary    Germany among EU's priciest labour markets – official data    Paris Olympic gold '24 medals hit record value    A minute of silence for Egyptian sports    Russia says it's in sync with US, China, Pakistan on Taliban    It's a bit frustrating to draw at home: Real Madrid keeper after Villarreal game    Shoukry reviews with Guterres Egypt's efforts to achieve SDGs, promote human rights    Sudan says countries must cooperate on vaccines    Johnson & Johnson: Second shot boosts antibodies and protection against COVID-19    Egypt to tax bloggers, YouTubers    Egypt's FM asserts importance of stability in Libya, holding elections as scheduled    We mustn't lose touch: Muller after Bayern win in Bundesliga    Egypt records 36 new deaths from Covid-19, highest since mid June    Egypt sells $3 bln US-dollar dominated eurobonds    Gamal Hanafy's ceramic exhibition at Gezira Arts Centre is a must go    Italian Institute Director Davide Scalmani presents activities of the Cairo Institute for ITALIANA.IT platform    







Thank you for reporting!
This image will be automatically disabled when it gets reported by several people.



EU Stocks Surge As Greece Concern Eases
Published in Amwal Al Ghad on 25 - 05 - 2012

European stocks rose, extending the biggest weekly rally in a month, and the euro strengthened after Italian Prime Minister Mario Monti said most of the region's leaders support sales of joint bonds. French 10-year yields fell to an all-time low and oil advanced for a second day.
The Stoxx Europe 600 Index (SXXP) added 0.5 percent at 9:55 a.m. in London and Standard & Poor's 500 Index futures jumped 0.3 percent. The MSCI Asia Pacific Index (MXAP) retreated 0.3 percent, heading for a fourth week of losses on concern Chinese banks will miss loan targets. The euro appreciated 0.4 percent to $1.2581. The French 10-year bond yield fell to a record 2.422 percent. Oil gained 0.5 percent and copper climbed 0.6 percent.
The majority of EU leaders at a Brussels meeting this week backed joint euro-area bonds, Monti told Italy's La7 television station yesterday. This week's gains snapped three weeks of losses that drove equities to their cheapest valuations relative to earnings this year.
“There's an air of inevitability that we'll get euro bonds," Donald Williams, chief investment officer at Platypus Asset Management Ltd. in Sydney, which manages about $1 billion, said in an interview with Susan Li on Bloomberg Television's “First Up." “Germany is going to have to compromise more than it was willing to a few months ago. Ultimately there will be some resolution there and the markets will start to head higher again."
More than $4 trillion was erased from the value of global equities in the first three weeks of the month as concern deepened Greece will abandon the euro, driving valuations of shares in the MSCI All-Country World Index down to 12.9 times reported earnings, the lowest since Dec. 30. European leaders failed to come up with a plan to resolve the debt crisis at a summit this week.
The Stoxx 600 has advanced 1.7 percent this week, the biggest gain since April 20. Logica Plc, an Anglo-Dutch computer services provider, and Nexans SA (NEX), a maker of cable and wire, rallied more than 5 percent today as analysts upgraded the shares.
The increase in S&P 500 futures indicated the U.S. equity gauge will extend the largest weekly advance in more than two months. The Thomson Reuters/University of Michigan final index of consumer sentiment for May is due for release today. The gauge climbed to 77.8, the highest since January 2008, from 76.4 the prior month, according to the median forecast of 60 economists surveyed by Bloomberg.
The euro's gain versus the dollar pared its fourth straight weekly decline, the longest run since January. The 17-nation currency rose 0.4 percent versus the yen, trimming five weeks of losses, the most since October. The Dollar Index (DXY), which tracks the U.S. currency against those of six trading partners, fell for the first time in four days, dropping 0.2 percent.
Oil in New York jumped to $91.09 a barrel. Iran and world powers agreed to hold a new round of talks about the Persian Gulf nation's nuclear program next month after failing to bridge differences during two days of negotiations in Baghdad that ended yesterday. European Union sanctions banning purchases of Iran's oil takes full effect on July 1.
Copper advanced for a second day. The S&P GSCI gauge of commodities rose 0.4 percent, led by gains in corn, wheat and cotton.
The MSCI Emerging Markets Index (MXEF) was little changed, rising less than 0.1 percent. The gauge has fallen 0.5 percent this week, poised for a 10th weekly decline, the longest string of losses since 1994. The Shanghai Composite Index lost 0.7 percent today. China's largest banks may fall short of loan targets for the first time in at least seven years as an economic slowdown crimps demand for credit, three bank officials with knowledge of the matter said. Indonesia's Jakarta Composite Index (JCI) sank 2 percent, the sharpest loss since Nov. 1 and the most in Asia, Bloomberg reported.


Clic here to read the story from its source.