european stocks close higher london beats 13year peak
Last Updated : GMT 02:52:25
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European stocks close higher; London beats 13-year peak

Arab Today, arab today

Arab Today, arab today European stocks close higher; London beats 13-year peak

London - AFP

Europe\'s main stock markets closed on an upbeat note on Tuesday as London recorded a new 13-year high amid stimulus policies from top world central banks and a barrage of company results, dealers said. Eyes were also on Fed chairman Ben Bernanke\'s testimony to Congress on Wednesday on the US economic outlook. \"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 finished up 0.71 percent to end at 6,803.87 points, soaring past the 13-year closing high point reached a day earlier. Frankfurt\'s DAX 30 ended up 0.19 percent to 8,472.20 points and in Paris the CAC 40 index climbed 0.33 percent to close at 4,036.18. It had risen above 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. On Wall Street, stocks received a boost after a positive earnings report by Dow member The Home Depot with the Dow Jones Industrial Average adding 0.23 percent, the tech-rich Nasdaq Composite Index rising 0.07 percent and the broad-market S&P 500 increasing 0.10 percent. In foreign exchange activity, the dollar rose to 102.42 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 rose to $1.2908 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 finished at $1,360.75 an ounce from $1,354.75 late on Monday. In company news, British investors meanwhile digested a raft of company results. The price of shares in mobile phone giant Vodafone ended up 1.16 percent to 199.90 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 finished 6.22 percent higher at 467.90 pence, as investors shrugged off a nine-percent drop in annual net profits. And Burberry stock closed up 5.33 percent to reach 1,541 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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