Arab Today, arab today europe stocks diverge london near 13year peak
Last Updated : GMT 08:39:57
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Europe stocks diverge, London near 13-year peak

Arab Today, arab today

Arab Today, arab today Europe stocks diverge, London near 13-year peak

London - AFP

European equities diverged on Tuesday, as London held close to a 13-year peak amid stimulus policies from top world central banks and a barrage of company results, dealers said. Asian shares also traded mixed after a dip on Wall Street, ahead of testimony from the US Federal Reserve chief and a policy meeting of the Bank of Japan. "Global equity markets have held their levels this morning, as the growing appetite for risk assets continues despite the generally weak macro environment," said analyst Matt Basi at traders CMC Markets. London's benchmark FTSE 100 index added 0.12 percent to 6,763.54 points in midday deals, one day after striking a 13-year closing high point. Frankfurt's DAX 30 fell 0.25 percent to 8,434.58 points and in Paris the CAC 40 index reversed 0.39 percent to 4,006.92. It had passed through 4,000 points last Friday for the first time since July 2011. "With the FTSE 100 happily sitting at its highest level since 2000, there will be some who are wondering whether this rally has got ahead of economic fundamentals," said sales trader Yusuf Heusen at traders IG. "Perhaps global growth does not merit markets at these highs, but liquidity-boosting actions from central banks take precedence." Stimulus drives by central banks -- including major quantitative easing (QE) policies by the Bank of England, the US Federal Reserve and the Bank of Japan -- have boosted sentiment and driven investors into equities. In Asia, Tokyo stocks rose 0.13 percent and Shanghai climbed 0.22 percent, while Hong Kong fell 0.54 percent and Sydney slid 0.56 percent. The dollar meanwhile turned higher against the yen as investors waited for Fed chairman Ben Bernanke's testimony on the US economic outlook to Congress on Wednesday. In foreign exchange activity, the dollar rose to 102.72 yen from 102.26 yen on Monday. It had jumped as high as 103.31 yen on Friday, touching a level last seen in October 2008. The European single currency dropped to $1.2875 from $1.2884 late in New York on Monday. Sterling fell against other currencies as a drop in British annual inflation stoked the prospect of more QE from the Bank of England, dealers said. On the London Bullion Market, the price of gold advanced to $1,379.55 an ounce from $1,354.75 late on Monday. British investors meanwhile digested a raft of company results. The price of shares in mobile phone giant Vodafone edged up 0.18 percent to 197.95 pence despite news that annual net profit plunged 90 percent to £673 million ($1.03 billion, 796 million euros) on the back of vast writedowns in Italy and Spain. Shares in high street retailer Marks & Spencer gained 5.56 percent to 465 pence, as investors shrugged off a nine-percent drop in annual net profits. And Burberry stock jumped 1.37 percent to 1,482 pence after the luxury clothing and accessories maker announced that adjusted pre-tax profits before exceptional items climbed 14 percent to £428 million, boosted by strong sales in China.

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