Arab Today, arab today eurozone stocks rise london dips
Last Updated : GMT 04:00:59
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After falling at the open

Eurozone stocks rise; London dips

Arab Today, arab today

Arab Today, arab today Eurozone stocks rise; London dips

London's FTSE 100 dipped, however, as investors hold back from trying to push the benchmark
Hong Kong - Arab Today

Eurozone stock markets rose Monday after falling at the open as traders reacted to well-received data out of China, while looking ahead with caution to US earnings.

London's FTSE 100 dipped, however, as investors hold back from trying to push the benchmark above a key level, analysts said.

"A gloomy start has turned around... the European indices largely getting over their early IMF-inspired reticence", said Connor Campbell, analyst at Spreadex trading group.

The IMF on Sunday defended negative interest rates set by central banks, given "significant risks" of slow growth, while acknowledging potential for dangerous boom-and-bust cycles.

Around 1030 GMT on Monday, London's FTSE was down 0.1 percent compared with Friday's close, while the eurozone's Frankfurt DAX 30 jumped 1.0 percent and the Paris CAC 40 won 0.5 percent.

"The FTSE quickly turned from the best performing European index to the worst, failing to match the eurozone’s rapid shift into positive territory," said Campbell.
"That sluggish performance unsurprisingly sees the UK index stuck at 6,200 (points), once again unable to see any sustained rise above that resistance level."

- China lifts Asian gloom -

Japan's Nikkei earlier led most Asian stock markets lower Monday as the yen resumed its march against the dollar and investors nervous about the stuttering global economy tentatively await the start of corporate earnings season.

However, Shanghai surged after data showed Chinese inflation held above two percent for a second-straight month in March, indicating some stability in the economic powerhouse.

The broad regional losses follow last week's sell-off as traders become increasingly fearful central banks are running out of ideas to ramp up global growth, with the International Monetary Fund expected to lower its forecasts this week.

In Tokyo the benchmark Nikkei ended 0.4-percent lower as exporters took another hit from the yen's strength. The unit, which is considered a safe bet in times of uncertainty, has climbed about five percent against the greenback this month alone.
But Shanghai closed up 1.6 percent -- and helping Hong Kong to a 0.4-percent rise -- as dealers welcomed figures showing inflation held steady last month.

The consumer price index came in at the same as February's 2.3 percent, the latest indication that the world's number two economy may be stabilising, following a surprise jump in a gauge of factory activity at the start of the month.

The figures will also ease pressure on the government and central bank to add more economy-boosting stimulus after several rounds of easing measures including six interest rate cuts in the year to November.

"Given the upcoming stabilisation of real economic activity, ongoing rebound in property sales and prices, and the recent jump in headline CPI, we think policy easing momentum has likely peaked in the near term," UBS Group AG economists wrote in a report ahead of the release.

- Key figures around 1030 GMT -

London - FTSE 100: DOWN 0.1 percent at 6,201.08

Frankfurt - DAX 30: UP 1.0 percent at 9,718.84

Paris - CAC 40: UP 0.5 percent at 4,323.51

EURO STOXX 50: UP 0.8 percent at 2,936.18

Tokyo - Nikkei 225: DOWN 0.4 percent at 15,751.13 (close)

Shanghai - Composite: UP 1.6 percent at 3,033.96 (close)

Hong Kong - Hang Seng: UP 0.4 percent at 20,440.81 (close)

New York - Dow: UP 0.2 percent at 17,576.96 (close)

Euro/dollar: DOWN at $1.1396 from $1.1398 on Friday

Dollar/yen: DOWN at 108.09 yen from 108.10 yen
Source: AFP

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