Egypt achieves record primary budget surplus of EGP 629bn despite sharp fall in Suez Canal revenues    Escalation in Gaza, West Bank as Israeli strikes continue amid mounting international criticism    Egypt recovers collection of ancient artefacts from Netherlands    Resumption of production at El Nasr marks strategic step towards localising automotive industry: El-Shimy    Egypt harvests 315,000 cubic metres of rainwater in Sinai as part of flash flood protection measures    Egypt, UNDP discuss outcomes of joint projects, future environmental cooperation    United Bank achieves EGP 1.51bn net profit in H1 2025, up 26.9% year-on-year    After Putin summit, Trump says peace deal is best way to end Ukraine war    Jordan condemns Israeli PM remarks on 'Greater Israel'    Egypt's Supreme Energy Council reviews power supply plans for 14 industrial projects    Egypt, Namibia explore closer pharmaceutical cooperation    Fitch Ratings: ASEAN Islamic finance set to surpass $1t by 2026-end    Renowned Egyptian novelist Sonallah Ibrahim dies at 88    Egypt's FM discusses Gaza, bilateral ties in calls with Saudi, South African counterparts    Egypt prepares to tackle seasonal air pollution in Nile Delta    Egyptian, Ugandan Presidents open business forum to boost trade    Al-Sisi says any party thinking Egypt will neglect water rights is 'completely mistaken'    Egypt's Sisi, Uganda's Museveni discuss boosting ties    Egypt's Sisi warns against unilateral Nile measures, reaffirms Egypt's water security stance    Egyptian pound closes high vs. USD on Tuesday – CBE    Egypt, Colombia discuss medical support for Palestinians injured in Gaza    Egypt, Huawei explore healthcare digital transformation cooperation    Egypt's Sisi, Sudan's Idris discuss strategic ties, stability    Egypt's govt. issues licensing controls for used cooking oil activities    Egypt to inaugurate Grand Egyptian Museum on 1 November    Egypt's Sisi: Egypt is gateway for aid to Gaza, not displacement    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    







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Euro Stocks Rise On Central Banks' Stimulus Speculation
Published in Amwal Al Ghad on 15 - 06 - 2012

European (SXXP) stocks rose on speculation central banks will take steps to stimulate the global economy and as investors awaited the outcome of Greek elections this weekend. U.S. index futures and Asian shares gained.
Telekom Austria AG (TKA) advanced 2.7 percent after America Movil SAB agreed to acquire a stake in the company.
The Stoxx Europe 600 Index climbed 0.4 percent to 242.79 at 8:06 a.m. in London. The benchmark gauge has declined 11 percent form its high on March 16 amid growing concern that Greece will be forced to leave the euro currency union. Standard & Poor's 500 Index futures expiring in September added 0.2 percent. The MSCI Asia Pacific Index advanced 0.7 percent.
“Today's gains on the open are seen as only modest as the uncertainties of the Greek election and the subsequent volatility are far too risky for some," Jonathan Sudaria, a dealer at Capital Spreads in London, wrote in a note.
The Stoxx 600 dropped for a second day yesterday as Moody's downgraded Spain and Cyprus, while Switzerland's central bank said that Credit Suisse Group AG must boost its capital this year.
U.S. stocks gained yesterday after Reuters reported that central banks are prepared to coordinate action, if needed, to boost liquidity in financial markets. Reuters cited officials linked to the G-20 nations.
Spokesmen at the European Central Bank, Bank of England, Bundesbank, Swiss National Bank and Bank of France declined to comment when contacted by Bloomberg News on the prospect of emergency coordinated action.
Bank of England Governor Mervyn King said in a speech late yesterday that the case for more stimulus in the U.K. is growing. In addition to looser policy, he said the BOE will activate a sterling liquidity facility to aid banks, and have a form of credit-easing operating within weeks to boost lending in the economy.
On June 17, almost 10 million Greeks will vote for the second time in six weeks after a May 6 ballot failed to result in a government. The constitution permits a third election too. Exit polls will be released when voting ends at 7 p.m. in Athens, with a first official result estimate due around 9:30 p.m.
On June 17, almost 10 million Greeks will vote for the second time in six weeks after a May 6 ballot failed to result in a government. The constitution permits a third election too. Exit polls will be released when voting ends at 7 p.m. in Athens, with a first official result estimate due around 9:30 p.m.
“It's not because the elections will have passed that the problem will be resolved," said Guillaume Duchesne, an equity strategist at BGL BNP Paribas SA in Luxembourg. “What will happen then? If there is a clear coalition of the traditional parties, that will have a positive impact on the market. But we remain cautious."
Group of 20 leaders meet in Mexico next week amid the weakest international economy since the 2009 recession.
In the U.S., a report at 9:15 a.m. in Washington may show that industrial production in the world's largest economy expanded at a slower pace in May. Output at factories, mines and utilities increased 0.1 percent after a 1.1 percent climb in April that was the biggest since December 2010, according to the median forecast of 79 economists surveyed by Bloomberg.
Separate data will probably show that manufacturing in the New York-region slowed this month.
Telekom Austria gained 2.7 percent to 8.25 euros after America Movil SAB agreed to acquire a 21 percent stake in the company from investor Ronny Pecik. The acquisition is part of America Movil's strategy to establish a foothold in Europe as the debt crisis lowers the value of telecommunications assets.
Randgold Resources Ltd. (RRS) climbed 1.9 percent to 5,995 pence as Goldman Sachs Inc. upgraded its recommendation for the stock to neutral, the equivalent of hold, from buy.
Carrefour, Europe's biggest retailer, gained 2.1 percent to 13.96 euros. Carrefour acquired 129 Eki stores in Argentina, the company said after the close of European markets yesterday, without giving the terms of the purchase. The company also sold its stake in its Greek joint venture, Bloomberg reported.


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