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Global share markets claw back after two sessions of steep losses
Wednesday, 29 Jun 2016 07:09:12 | Sue Lannin
An elderly man watches the share market prices at the Australian Stock Exchange. (AAP: Tracey Nearmy, file photo)
Global share markets clawed back some ground after two sessions of steep losses following the UK's decision to leave the European Union.
On Wall Street, the Dow Jones Index rose 1.5 per cent or 269 points to 17,410.
The S&P 500 gained 35 points or 1.8 per cent to 2,036, while the Nasdaq soared 2.1 per cent or 97 points to 4,692.
Investors in Europe also bought up beaten down stocks.
In London, the FTSE 100 jumped 2.6 per cent or 158 points to 6,140 boosted by banks and insurers.
In Frankfurt, the DAX surged 1.9 per cent or 179 points to 9,447.
The CAC 40 in Paris gained 104 points to 4,089.
In futures trade the ASX SPI 200 climbed 1.6 per cent or 83 points to 5,127.
Among commodities, spot gold lost ground to $US1,311.40 an ounce, and West Texas Crude oil rose $US1.52 to $US47.85 a barrel after a two-day rout.
Meanwhile, blue chip miner Rio Tinto said it has paid $US4.5 billion in taxes and royalties globally last year, compared to $7.1 billion in 2014, due to a slump in commodity prices.
The miner said it paid an average corporate tax rate of 29.9 per cent globally over the past five years.
It also spent nearly $US18 billion dollars buying goods and services from suppliers.
Big miners like Rio Tinto are among many multinational companies that have been accused of avoiding taxes in Australia.
In currency trade, the pound rose against the greenback to above $US1.33 after reaching the lowest level in 31 years on Monday.
The Australian dollar also gained against the US dollar overnight to around 73.9 US cents.
Against other currencies, it is buying 55.4 British pence, 66.7 euro cents, 75.9 Japanese yen and $NZ1.047.
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