Arab Today, arab today european stocks mainly rise as london returns to action
Last Updated : GMT 09:42:59
Arab Today, arab today
Arab Today, arab today

European stocks mainly rise as London returns to action

Arab Today, arab today

Arab Today, arab today European stocks mainly rise as London returns to action

London - AFP

European stock markets mostly rose on Tuesday, mirroring earlier Asian gains on upbeat global economic data, with London rallying as British investors played catch-up after a long holiday weekend. London\'s benchmark FTSE 100 index of leading companies jumped 1.0 percent to 5,628.02 points as investors returned to their desks on Britain\'s first trading day of 2012. Elsewhere, Frankfurt\'s DAX 30 gained 1.17 percent to 6,146.19 points, while the Paris CAC 40 fell 0.56 percent to 3,203.65 points. Most European markets began 2012 with a bang on Monday, boosted by positive employment, consumer spending and manufacturing figures in Germany, Europe\'s biggest economy. Asian equities also rose Tuesday after China announced better-than-expected manufacturing data over the weekend. Hong Kong surged 2.4 percent, Sydney jumped 1.1 percent and Seoul soared 2.69 percent. Financial markets in mainland China, Japan and Thailand were closed for public holidays. \"We are starting the new year on a positive note and data such as better than expected PMI (purchasing managers index) out of China over the weekend will help to give investors new confidence,\" said Jason Hughes, head of premium client management at IG Markets. \"However, the major issues of 2011 still have to be resolved with meaningful solutions required from Europe -- until this is finally put to bed we are likely to have an amount of uncertainty remaining around global markets.\" In foreign exchange deals, the European single currency rose to $1.3016 compared with $1.2934 late on Monday. It had forged a 15-month low point last week at $1.2858 on eurozone debt crisis concerns in thin holiday trade. And the euro climbed to 100.04 yen on Tuesday, having struck a ten-year low of 98.66 yen last week as investors sought the safe-haven Japanese unit. \"2012 is set to be the most challenging year since 2009, as the eurozone crisis continues to rage on, however the first trading sessions of the New Year have been surprisingly strong,\" said analyst Kathleen Brooks at Forex.com. \"Why the New Year cheer when the situation in the global economy is still so decidedly gloomy? The rally was sparked by some better, or in Europe\'s case some less worse, economic data.\" New figures showed Monday that private consumption in Germany was at its strongest level for more than a decade in 2011, despite the ongoing eurozone crisis. Separately, official data showed the number of people in work hit a record 41.04 million, with more than half a million jobs created last year. Positive US economic data last week, including rising home sales, also helped buoy markets as investors look for signs of resurgence in the world\'s biggest economy. Investors also digested news that China\'s manufacturing unexpectedly rebounded in December on holiday shopping, as the world\'s number two economy showed some resilience despite strife in key export markets. The purchasing managers index (PMI) reached 50.3 in December, the China Federation of Logistics and Purchasing said in a statement Sunday. A reading above 50 indicates the sector is expanding. However, the eurozone\'s still-unresolved fiscal woes continue to weigh on investor sentiment with observers saying the debt crisis would loom over markets into 2012. \"The better tone of economic data may have provided a boost to risk appetite this morning, but there is no altering the fact that the storm clouds of the eurozone crisis continue to gather,\" cautioned Rabobank analyst Jane Foley. Spain, one of several eurozone economies struggling to keep its massive debt under control, last week announced 8.9 billion euros in budget cuts and higher taxes as it moves to curb a bigger-than-expected public deficit.  

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