World stocks maintaining rally
By Jeremy Gaunt |
December 30, 2009, Wednesday
|
Print Edition
Print Edition
WORLD stocks floated below year highs yesterday, extending a rally with Britain's FTSE rising to pre-Lehman levels. Wall Street looked set to join in with gains at the open.
The dollar was weaker, 10-year euro zone government bond yields hit six-week highs and the cost of insuring European company debt through credit default swaps fell to a year low. MSCI's all-country world stocks index was up about a third of a percent, around half a percent below its 2009 high on December 3.
The index has gained some 32 percent this year and is up nearly 75 percent from a March 9 low. European shares gained, with the FTSEurofirst 300 up 0.4 percent, rising for the sixth consecutive session.
Earlier, Japan's benchmark Nikkei edged up 3.83 points at 10,638.06. But it hit a fresh four-month intraday high of 10,683.12 in early trade.
A greater risk appetite among investors weakened the dollar while the euro and higher yielding currencies such as the Australian dollar gained.
Against the yen, the dollar stayed supported. It was a third of a percent down against a basket of major currencies.
The euro was at US$1.4445 and the dollar bought 91.63 yen.
The dollar was weaker, 10-year euro zone government bond yields hit six-week highs and the cost of insuring European company debt through credit default swaps fell to a year low. MSCI's all-country world stocks index was up about a third of a percent, around half a percent below its 2009 high on December 3.
The index has gained some 32 percent this year and is up nearly 75 percent from a March 9 low. European shares gained, with the FTSEurofirst 300 up 0.4 percent, rising for the sixth consecutive session.
Earlier, Japan's benchmark Nikkei edged up 3.83 points at 10,638.06. But it hit a fresh four-month intraday high of 10,683.12 in early trade.
A greater risk appetite among investors weakened the dollar while the euro and higher yielding currencies such as the Australian dollar gained.
Against the yen, the dollar stayed supported. It was a third of a percent down against a basket of major currencies.
The euro was at US$1.4445 and the dollar bought 91.63 yen.
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