Global equities rise despite euro zone crisis
By Dominic Lau |
December 8, 2010, Wednesday
|
Print Edition
Print Edition
GLOBAL equities advanced yesterday after a compromise deal to extend expiring US tax cuts, though the euro zone's debt crisis and speculation over a possible interest rate rise in China kept them in check. The euro rose on optimism that Irish lawmakers would pass its toughest ever budget late yesterday.
The single currency remained vulnerable, however, with European policy makers dithering over how to tackle the region's debt problem.
Copper prices gained, supported by Chinese buying and a firmer euro, while uncertainties over monetary policy in China weighed on crude prices.
US President Barack Obama unveiled a deal late on Monday to renew tax cuts not just for the middle class but also for wealthier Americans.
The announcement was welcomed by the markets, with US stock index futures trading 0.2 to 0.3 percent higher and global stocks measured by MSCI All-Country World Index adding 0.3 percent.
"The market is benefiting from the compromise in the US on the extension of the Bush tax cut," said Philippe Gijsels, head of research at BNP Paribas Fortis Global Markets.
(Reuters)
The single currency remained vulnerable, however, with European policy makers dithering over how to tackle the region's debt problem.
Copper prices gained, supported by Chinese buying and a firmer euro, while uncertainties over monetary policy in China weighed on crude prices.
US President Barack Obama unveiled a deal late on Monday to renew tax cuts not just for the middle class but also for wealthier Americans.
The announcement was welcomed by the markets, with US stock index futures trading 0.2 to 0.3 percent higher and global stocks measured by MSCI All-Country World Index adding 0.3 percent.
"The market is benefiting from the compromise in the US on the extension of the Bush tax cut," said Philippe Gijsels, head of research at BNP Paribas Fortis Global Markets.
(Reuters)
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