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Global stocks rally rolls on

Eurozone stock markets jumped around 1.0 percent but London's benchmark FTSE 100 index was up a more modest 0.4 percent

Global stocks mostly gained for the second day in a row Wednesday as positive sentiment about Greece's bailout deal and firming oil prices kept the rally going. Other factors included rising hopes that Britain will vote next month to stay in the European Union and greater confidence about the outlook for the US economy in light of Federal Reserve signals that it could soon lift interest rates. Frankfurt was particularly strong, gaining 1.5 percent after a key survey showed that German businesses are feeling increasingly positive over the economic outlook. "The German economy is starting to benefit from an uptick in economic activity of some of their major trading partners like China and the United States", said analyst Markus Huber, at City of London Markets. London gained 0.7 percent, Paris climbed 1.1 percent and the S&P 500 in New York rose 0.7 percent. The Nikkei in Japan advanced 1.6 percent as the yen retreated. Eurozone ministers clinched a vital agreement with Greece to unlock more bailout cash that will help avoid a debt default in July. Investors took a positive view of the agreement, even as the International Monetary Fund warned that it had not received sufficient assurances that European creditors will deliver on much-needed debt relief over the long term. Analysts at IHS said the deal also "does little to address the underlying problems the Greek economy is currently suffering." Markets also cast aside any worries about inflation as US oil prices rose to their highest level of the year, approaching $50 a barrel. "Investors are not fearful of ramping inflation and they like the idea that we're moving further away from deflation," said Alan Skrainka, chief investment officer at Cornerstone Wealth Management. - Banking, oil shares rise - Banking shares were strong on both sides of the Atlantic, with Madrid-based Santander soaring 6.1 percent, Societe Generale in Paris 5.9 percent and US giant Wells Fargo 2.6 percent. Petroleum shares were also strong globally, while US technology giants Apple and Microsoft gained 1.8 percent and 1.0 percent respectively. But Chinese online marketplace Alibaba slumped 6.8 percent after disclosing that US securities regulators were probing its accounting for possible violations of US securities laws. Yahoo, which holds a large stake in Alibaba, lost 5.2 percent. Sony jumped 6.5 percent despite warning that net profit would decline by nearly 46 percent this fiscal year due in part to a pair of deadly earthquakes in Japan. The gain reflected a focus on electronic giant's long-term prospects in image sensors and entertainment. Hewlett Packard Enterprises jumped 6.8 percent after announcing it will spin off and merge its corporate services business into Computer Sciences Corp. in a deal valued at $8.5 billion. Computer Sciences soared 42.1 percent as it said the merger would create one of the world's largest information technology services companies, with more than 5,000 clients in 70 countries. - Key figures at 2100 GMT - New York - Dow: UP 0.8 percent at 17,851.51 (close) New York - S&P 500: UP 0.7 percent at 2,090.54 (close) New York - Nasdaq: UP 0.7 percent at 4,894.89 (close) London - FTSE 100: UP 0.7 percent at 6,262,85 (close) Frankfurt - DAX 30: UP 1.5 percent at 10,205.21 (close) Paris - CAC 40: UP 1.1 percent at 4,481.64 (close) EURO STOXX 50: UP 1.7 percent at 3,061.60 (close) Tokyo: Nikkei 225: UP 1.6 percent at 16,757.35 (close) Shanghai - Composite: DOWN 0.2 percent at 2,815.09 (close) Hong Kong - Hang Seng: UP 2.7 percent at 20,368.05 (close) Euro/dollar: UP at $1.1154 from $1.1141 on Tuesday Dollar/yen: UP at 110.21 yen from 109.99 yen