Monday, September 26, 2011

GLOBAL MARKETS-Stocks gain, euro steadies on Europe hopes

Asian shares rose and the euro steadied on Monday on reports that European leaders, under pressure from tumbling markets, were working on new ways to stop the fallout from the euro zone sovereign debt crisis wreaking more damage on the world economy.

MSCI's broadest index of Asia Pacific shares outside Japan rose 0.6 percent, after dropping 7.5 percent last week. Tokyo's Nikkei, which was closed for a holiday on Friday as regional markets fell, eased 0.4 percent.

Trading in the euro was volatile, as hopes that EU leaders might agree bolder steps to ring-fence heavily indebted Greece, Portugal and Ireland were offset in investors' minds by a lack of detail about the proposals.

The single currency rose as high as $1.3585, before pulling back to around $1.3485, down slightly on the day and not far from an eight-month trough of $1.3382 plumbed last week.

Oil rose, coming off six-week lows struck on Friday as fears of renewed recession in the developed world raised worries of falling demand.

U.S. crude rose 0.8 percent to $80.46 a barrel and Brent crude gained 0.7 percent to $104.66.

Gold also stabilised after tumbling a record $100 an ounce on Friday as investors switched to the dollar and U.S. Treasuries as their safe-haven assets of choice. Spot gold firmed 0.2 percent to around $1,659 an ounce. ' Reuters


No comments:

Post a Comment