Arab Today, arab today europe stocks gain on surprising german data
Last Updated : GMT 16:35:27
Arab Today, arab today
Arab Today, arab today

Europe stocks gain on surprising German data

Arab Today, arab today

Arab Today, arab today Europe stocks gain on surprising German data

London - AFP

European stock markets advanced and the euro was slightly stronger against the dollar on Friday as dealers welcomed a surprise rebound in German business confidence while they watched another EU impasse unfold in Brussels. The benchmark FTSE 100 index rose by 0.64 percent to 5,828.26 points in late London trades, Frankfurt\'s DAX 30 gained 0.82 percent to 7,304.20 points and the Paris CAC 40 added 0.59 percent to 3,518.88. The euro edged higher to $1.2896 from $1.2884 late in New York on Thursday, and after the European single currency had reached a three-week high at $1.2915 in early London trading. On the London Bullion Market, gold prices rose to $1,734.75 an ounce from $1,731 on Thursday. \"The release of a stronger than expected German IFO survey added a clear upward push to the euro\'s performance,\" said Rabobank analyst Jane Foley. Business confidence in Germany made a surprise return in November, data suggested on Friday, after falling for six months amid the eurozone debt crisis. The Ifo economic institute\'s closely watched business climate index rose to 101.4 points in November from 100.0 points a month earlier, contrary to analysts\' expectations. Analysts surveyed by Dow Jones Newswires had anticipated the indicator slipping to 99.5 points. The data came as a European Union summit wound up with no deal sealed for the bloc\'s next long-term budget, with one EU official saying: \"There is no agreement.\" Talks on a trillion euro budget for the 27-member bloc faltered over tensions between rich and poor states and Britain\'s demands for austerity. In New York, US stocks bounced higher as the market reopened after the Thanksgiving break, with trading tipped to be lighter than normal due to the holiday-shortened session. In the first five minutes of trade, the Dow Jones Industrial Average was up 0.48 percent, the broad-market S&P 500 index advanced 0.46 percent and the Nasdaq Composite climbed 0.57 percent. \"The fiscal cliff negotiations still hang over the market as the dominant issue, but today the talk is all about retail on one of the busiest shopping days of the year,\" said Dick Green at Briefing.com. He referred to a combination of tax hikes and spending cuts set to take effect on January 1 barring a compromise among US lawmakers, and the fact that the Friday after Thanksgiving is typically a dense shopping day as the Christmas season begins in earnest. In Asia, stock markets mostly closed higher on Friday following a rally in the previous session, while dealers awaited the new meeting on Greece\'s bailout and the resumption of talks on the US fiscal cliff, dealers said. Trade was subdued also owing to a public holiday in Japan that closed markets there, while dealers sat tight ahead of negotiations between US Democrats and Republicans to hammer out a deal on the fiscal cliff of tax hikes and spending cuts that comes into effect on January 1. \"The softening in the dollar this week appears to be at least in part a function of more constructive rhetoric surrounding the fiscal cliff negotiations,\" Foley said. \"However, positive rhetoric is not enough, and given that Congress is due to break for a holiday in just four weeks\' time the market can be expected to become increasingly hungry for a conclusion to the fiscal cliff talks,\" she added.

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