Arab Today, arab today european stocks hold steady amid g20 rate calls
Last Updated : GMT 21:09:51
Arab Today, arab today
Arab Today, arab today

European stocks hold steady amid G20, rate calls

Arab Today, arab today

Arab Today, arab today European stocks hold steady amid G20, rate calls

London - AFP

European stock markets steadied on Thursday before key interest rate decisions from the Bank of England and the European Central Bank, with dealers also eyeing the G20 summit in Russia. In late morning deals, London\'s FTSE 100 index rose 0.09 percent to 6,480.51 points, Frankfurt\'s DAX 30 shed 0.17 percent to 8,181.89 points and the CAC 40 in Paris nudged down 0.05 percent to 3,978.59. The European single currency slid to $1.3192 from $1.3207 late on Wednesday. \"Today\'s price action is likely to be determined by events from the G20 and central bank decisions from the Bank of England and the European Central Bank,\" said Michael Hewson, analyst at traders CMC Markets. World leaders meet on Thursday at a G20 summit in Saint Petersburg, Russia, where US President Barack Obama will strive to bridge deep divisions over his push for military action against the Syrian regime over its alleged use of chemical weapons. The Syria crisis threatens to completely overshadow leaders\' efforts to promote a crucial economic agenda of stimulating grwth and cracking down on tax avoidance. The effects of US monetary policy on emerging markets is also a top issue at the summit. Also on Thursday, the Bank of England and European Central Bank will announce the outcomes of their respective monthly meetings, with both institutions forecast to leave monetary policy unchanged. The BoE announcement is due at 1100 GMT, followed by the ECB at 1145 GMT. Asian stock markets mostly rose on Thursday following an upbeat Federal Reserve report on the US economy and positive European growth data, but gains were capped by profit-taking and lingering concerns over Syria. The dollar pushed back above 100 yen after the Bank of Japan left its monetary policy unchanged, and following the US Fed\'s bright outlook. The US unit rallied to 100.12 yen, which was the highest level since July 25 and compared with 99.73 yen late on Wednesday. And on the London Bullion Market, gold prices firmed to $1,391.21 an ounce from $1,390. Sterling was steady against the euro at 84.46 pence to a euro, and was steady at $1.5619. The Turkish lira fell to another record low level, of 2.0800 to the dollar, and the government in Ankara warned that it would have to lower its outlook for growth this year. The Swiss franc fell to 1.2393 francs to the euro having earlier reached 1.2399 francs, the lowest since the middle of August. While a positive outlook has lifted general sentiment, traders remain on edge about the Fed\'s plans for its stimulus programme, with concerns it will soon start a wind-down, which is acting as a drag on buying. The Fed\'s Beige Book report into the state of the world\'s top economy showed consumer spending and manufacturing has risen in most of the 12 regions in the United States while job creation was steady or improving. The news sent Wall Street\'s Dow Jones Industrial Average 0.65 percent higher, boosted also by a strong set of auto sales for August. In Paris, the price of shares in media group Vivendi surged by 3.35 percent to 16.48 euros on a recommendation from analysts at Morgan Stanley bank.

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