DJIA
gained 1.1% to close at 12,504.5. NASDAQ surged 2.5% to settle at 2,847.2.
S&P 500 soared 1.6% to end at 1,316.0.
Nikkei
225 index is trading 1.0% higher at 8,718.6.FTSE 100 gained 0.7% to settle at 5,304.5.
FTSEurofirst 300 index added 0.5% to 975.0.
In Asia, crude oil for June delivery is trading 0.1% or $0.09 higher at $92.66 per barrel.
At
0400 BST today, the GBP is trading 0.1% lower against the USD at $1.5816,
marginally higher against the EUR at €1.2360, 0.1% lower against the JPY at
¥125.54.
US Market
Snapshot
US
markets rallied yesterday, with the S&P 500 index snapping its six days
losing streak, after the Chinese government called for additional measures to
bolster growth and as German and French leaders pledged to take all necessary
actions to keep Greece in the Euro-bloc. Electrical-equipment supplier, Cooper
Industries, the top gainer on the S&P 500 index, surged 25.1%, as Eaton
agreed to acquire the firm. Boeing added 3.8%, as a broker upgraded its rating
on the stock to “Buy” from “Hold”. Yahoo advanced 1.0%, after Alibaba Group
agreed to repurchase about 20% stake in itself from the firm. Radian Group
jumped 18.3%, after investor Clinton Group asked the company to provide
enhanced disclosure to public shareholders or to sell the company.
DJIA
gained 1.1% to close at 12,504.5. NASDAQ surged 2.5% to settle at 2,847.2.
S&P 500 soared 1.6% to end at 1,316.0.
Asian Market
Snapshot
Asian
markets are trading higher this morning, as China vowed to speed up its
infrastructure spending to accelerate economic growth. In Japan, semiconductor
stock, Renesas Electronics gained value on news that it has planned to raise
fresh capital. Tokyo Electric Power gained value after it stated that the
government might own about 76% stake in the firm. Energy stocks, Inpex, Japan
Petroleum Exploration and JX Holdings paced higher, tracking a rebound in crude
oil prices. In Hong Kong, Agile Property Holdings and China Resources Land
traded higher, on hopes that infrastructure spending would increase in the
country. In South Korea, KB financial group and Shinhan Financial Group traded
higher, tracking overnight gains in their US and European peers.
Nikkei
225 index is trading 1.0% higher at 8,718.6. Hang Seng index is trading 1.0%
higher at 19,105.7, while the Kospi index is trading 1.1% higher, at 1,818.5.
UK Market Snapshot
UK
markets closed higher yesterday, with the FTSE 100 index ending its five-days
losing streak, following supportive statements from the G-8 leaders about
Greece staying in the eurozone. Vedanta Resources jumped 5.2%, to lead the
gainers on the FTSE 100 index, while, Rio Tinto, Glencore International,
Xstrata and Polymetal International gained between 1.3% and 3.6%, following
Chinese Premier, Wen Jiabao’s assurance to support the country’s growth
policies. BG Group and Tullow Oil gained 1.2% and 2.8%, respectively, as crude
oil prices rebounded after six days of declines. Man Group climbed 4.7%, as it
agreed to acquire research and investment specialist, Financial Risk Management
Holdings. Barclays added 2.2%, as it expressed its intention to dispose its entire
$6.1 billion stake in BlackRock. WPP added 1.1%, as it revealed that it had
acquired a stake in Myanmar's Today Advertising.
FTSE
100 gained 0.7% to settle at 5,304.5, while FTSE 250 advanced marginally to
close at 10,435.5.
European Market
Snapshot
Other
European markets closed in the positive territory yesterday, as China’s pledge
to stimulate the country’s economy to bolster growth outweighed concern that
Greece would fail to implement austerity measures. Market sentiment was also
buoyed as the G8 nations reiterated their support for Greece. Renault climbed
4.7%, after UBS added the stock to its European “key calls” list, while Fiat
soared 8.6%, after a broker upgraded the stock to “Outperform” from “Market
perform”. ThyssenKrupp added 3.0%, after a broker upgraded the stock to
“Neutral” from “Sell”. Merck KGaA gained 3.0%, after UBS raised its
recommendation on the stock to “Buy” from “Neutral”. Bayer rose 2.5%, after
Fitch Ratings raised its outlook on the company to “Positive” citing improved
operational and financial positioning.
FTSEurofirst
300 index added 0.5% to 975.0. German DAX Xetra 30 rose 1.0% to 6,331.0. French
CAC-40 closed 0.6% higher at 3,027.2.
Commodities
In
Asia, crude oil for June delivery is trading 0.1% or $0.09 higher at $92.66 per
barrel. Yesterday, crude oil for June delivery rose 1.2% or $1.09 to $92.57 per
barrel, on hopes of higher economic stimulus in China and as the G-8 nations
reaffirmed their support for Greece to stay in the euro area and to maximize
economic expansion. Crude oil also rose following positive comments from
Goldman Sachs and ahead of the meeting between Iran and other nations to
discuss about Iran’s nuclear program and imminent international sanctions.
Gold
for immediate delivery is trading 0.2% lower today, at $1,591.30 per ounce.
Gold for June delivery eased 0.2% or $3.20 to $1,588.70 per ounce yesterday, as
the dollar rose against the euro amid lingering concerns about the Greek debt
crisis as the G-8 leaders failed to announce steps to prop up growth and help
ease the strain in Europe's financial system.
Currencies
At
0400 BST today, the GBP is trading 0.1% lower against the USD at $1.5816,
marginally higher against the EUR at €1.2360, 0.1% lower against the JPY at
¥125.54.
The
EUR is trading 0.2% lower against the USD at $1.2792.
The
EUR is trading 0.2% lower against the JPY at ¥101.54.
The
EUR is trading lower against most of its major peers, amid speculation that a
report due to be released might show that consumer sentiment in the eurozone
slid to a four-month low.
The
NZD is trading higher against the USD, as a rise in Asian equity markets
increased the demand for high yielding assets.
Yesterday,
the JPY closed lower against most of its major peers, amid speculation that the
Bank of Japan would add to stimulus measures this week to support the country’s
economic growth.
The EUR closed higher
against the USD, after German Finance Minister, Wolfgang, stated that Germany
and France would do “everything necessary” to keep Greece in the eurozone. The
currency also gained value after the Chinese Premiere pledged to bolster the
country’s growth.
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