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Category: Markets / Business, Economics and Finance / Stockmarket

Wall Street, European markets recover post-Brexit

Friday, 1 Jul 2016 06:47:03 | Rebecca Hyam

Global markets have recovered for a third straight session. (AFP: Getty Images/Spencer Platt)

Stocks in the United States and Europe extended their rally into a third straight session overnight, after central banks in Europe signalled they would do all they could to prevent Britain's exit from the EU from disrupting financial markets.

Bank of England governor Mark Carney said the central bank would probably need to boost stimulus for Britain's economy in the months ahead.

That announcement put further pressure on the pound, sending it down 1.4 per cent to $US1.32.

The European Central Bank said it may need to expand the scope of its bond purchasing program in order to provide extra stimulus within the eurozone.

By the close, the Dow Jones Industrial Average gained 1.3 per cent to 17,929.

The S&P 500 Index put on 1.4 per cent to 2,098 and the Nasdaq finished 1.3 per cent higher at 4,842.

Across the Atlantic, London's FTSE 100 Index was a stand-out, with gains of 2.3 per cent to 6,504.

The three-day rally has seen European stocks gain 6.8 per cent, marking the best recovery since 2011.

In Frankfurt, the DAX added 0.7 per cent to 9,680 while in Paris the CAC 40 climbed 1 per cent to 4,237.

The Australian share market is expected to build on yesterday's strong gains when trading begins this morning.

At 8.28am the ASX SPI 200 was up 0.9 per cent to 5,225.

At the same time, the Australian dollar was reasonably steady at 74.5 US cents.

On the cross-rates, it was worth 67.2 eurocents, 55.9 British pence, 77 Japanese yen and $NZ1.044.

West Texas Crude oil had eased to $US48.22 a barrel, the price of a barrel of Tapis had edged down to $US49.84 and spot gold was slightly higher at $US1,321.69 an ounce.

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