Arab Today, arab today european stocks higher after extended break
Last Updated : GMT 08:59:31
Arab Today, arab today
Arab Today, arab today

European stocks higher after extended break

Arab Today, arab today

Arab Today, arab today European stocks higher after extended break

European stocks
London - AFP

Europe's main stock markets rallied Tuesday, while the euro retreated against the dollar, as investors reacted to US economic data and debt moves by Greece in resumed trading after Easter.
London's benchmark FTSE 100 index jumped 1.46 percent to 6,933.31 points compared with last Thursday's close.
Frankfurt's DAX 30 won 1.18 percent to 12,109.02 points and the CAC 40 in Paris gained 1.53 percent to 5,151.95 in afternoon trading.
In foreign exchange, the European single currency slid to $1.0855 from $1.0928 late in New York on Monday.
"Given the strong finish in US (stock) markets on Monday in reaction to the substandard US unemployment report, it is unsurprising to see European markets play catch-up," said Jasper Lawler, analyst at trading group CMC Markets.
Asian stock markets also rose as most reopened Tuesday after the long holiday weekend, in their first reaction to soft US jobs data that dampened expectations of an early US interest rate rise.
Wall Street provided a positive lead Monday as comments from a Federal Reserve official suggested any rate increases would likely be slow, while investors await the release of minutes from the bank's latest meeting.
The US Labor Department said Friday the economy added just 126,000 jobs in March, half the expected improvement and the weakest growth since December 2013.
While the data indicate a US slowdown, investors were cheered because the Fed is now unlikely to announce any rate rise until later in the year.
"The reaction in the US dollar to what was a big slowdown in the US employment growth in March has actually been fairly sanguine," Lawler said.
If the dollar returns to a downward spiral, "equities in Europe may not fare as well without the boon of a weaker euro to help export markets," he added.
Focus during the latest shortened trading week was also on Greece, which Monday confirmed it will make a 460 million euro ($505 million) debt payment to the International Monetary Fund as it seeks to allay concerns over the country's solvency.
Athens is betting on this week's Euro Working Group meetings to give it some relief from its creditors.
Eurozone deputy finance ministers will meet on Wednesday and Thursday to seek agreement on the Greek reforms needed to unlock the last tranche of its bailout package.
"Greece is in traders' good books for once after the indebted nation stated it would make good on the repayment to the IMF due on Thursday," said David Madden, market analyst at dealers IG.       
Greece’s "commitment to repaying its loans has helped equity markets in Europe", he added.
On the bond markets, Spain raised short-term funds at a negative rate for the first time, another indication that the country is regaining investors' confidence.
The Spanish treasury raised 725 million euros with the placement of two-month treasury bills at an average rate of return for investors of negative 0.02 percent.
The European Central Bank's 1.2 trillion euro bond-buying stimulus programme has pushed down government borrowing rates, but so far they have gone into negative territory only for Germany, France and Ireland.
US stocks opened higher Tuesday following a large FedEx acquisition deal and an announcement that data services company Informatica would go private.
Five minutes into trade, the Dow Jones Industrial Average rose 0.31 percent to 17,936.74 points.
The broad-based S&P 500 rose 0.23 percent to 2,085.36, while the tech-rich Nasdaq Composite Index added 0.33 percent to 4,933.49.
Delivery service company FedEx rose 3.3 percent as it announced it would buy Dutch rival TNT Express for 4.4 billion euros ($4.8 billion), giving it a big foothold in Europe.
Informatica, which provides data integration software and services to companies, surged 4.5 percent after it announced it would be acquired by a company controlled by private-equity firm Permira and the Canadian Pension Plan Investment Board for about $5.3 billion.

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