Arab Today, arab today european stock markets dollar rally gold oil slide
Last Updated : GMT 04:30:43
Arab Today, arab today
Arab Today, arab today

European stock markets, dollar rally, gold, oil slide

Arab Today, arab today

Arab Today, arab today European stock markets, dollar rally, gold, oil slide

London Stock Exchange (LSE)
London - AFP

Europe's leading stock markets rose on Wednesday, largely clawing back the previous day's heavy losses, as traders reacted positively to the outcome of US midterm elections.
London's benchmark FTSE 100 index climbed 0.88 percent to stand at 6,510.73 points around midday in the British capital.
Frankfurt's DAX 30 won 1.19 percent to 9,275.57 points and in Paris the CAC 40 won 1.21 percent to 4,180.37 compared with Tuesday's closing value.
European markets had fallen sharply on Tuesday after the European Union slashed its economic forecasts for the eurozone, while the energy sector sank on plunging oil prices.
On Wednesday, the dollar rallied against the euro and yen, gold prices dived to a fresh four-year low points and crude oil futures extended their plunge.
Markets brushed off news of sliding retail sales across the eurozone.
The dollar rallied against major rival currencies after Republicans took control of the Senate from Democrats overnight.
The result is a stinging setback for US President Barack Obama and his fellow Democrats for the last two years of his presidency.
"Last night’s win for the Republicans in the US mid-term elections has left Obama as a lame duck president and sent the greenback soaring," said analyst Tony Cross at brokers Trustnet Direct.
"Because the commodity prices are in dollars, any appreciation of the dollar has a corresponding depreciation on the commodity price," he noted in reaction to tumbling gold and oil prices.
But stock markets won support as dealers welcomed an end to uncertainty following confirmation of the election outcome, according to analysts.
In foreign exchange, the euro slid to $1.2480 from $1.2545 late in New York on Tuesday.
The dollar at one point hit a near seven-year high against the Japanese currency, at 114.59 yen.
On the London Bullion Market, gold plunged to $1,143.47 an ounce -- which was its lowest level since April 23, 2010.  It later stood at $1,144.97, which compared with $1,166.50 late in London on Tuesday.
- M&S shines -
On the corporate front, shares in Marks and Spencer soared 9.39 percent to 442.7 pence, topping London's FTSE 100 in the process.
The British retailer posted mixed half-year profits on Wednesday as warmer-than-expected weather dented demand for autumn-style clothing, while its food unit reported strong sales.
"The profit beat (forecasts) and improvement to gross margins have taken investors by surprise, with the share price strongly ahead," said Richard Hunter, head of equities at Hargreaves Lansdown Stockbrokers.
"Gross margin has shown a strong improvement, in part due to the tight control of costs which M&S is currently undertaking," he said in a note to clients.
Miners and energy groups were meanwhile battered by the tumbling commodity prices. Randgold Resources shed 3.00 percent to 3,691 pence, Anglo American lost 1.10 percent to 1,310 pence and Petrofac gave up 1.0 percent to 1,038 pence.
Oil prices sank further Wednesday, with Brent striking another four-year low on the back of the rebounding dollar, as traders awaited US energy stockpiles data.
Brent North Sea crude for delivery in December dropped 32 cents to $82.50 a barrel in London midday deals. It had earlier hit a four-year low at $81.63.
US benchmark West Texas Intermediate for December slid one cent to $77.18 a barrel compared with Tuesday's closing level.

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