Arab Today, arab today european stocks rise before german vote
Last Updated : GMT 05:43:04
Arab Today, arab today
Arab Today, arab today

European stocks rise before German vote

Arab Today, arab today

Arab Today, arab today European stocks rise before German vote

London - AFP

World stock markets largely rose on Thursday as Germany\'s parliament was expected to back moves to boost the eurozone rescue fund, as Greece struggles to convince investors that it can avoid a default. As international auditors headed for Greece, Germany\'s 620-member Bundestag was widely expected to ratify an expansion of the 440-billion-euro ($599 billion) bailout fund. In European morning trade, Frankfurt\'s DAX 30 index climbed 0.50 percent to 5,608.94 points, the Paris CAC 40 advanced 0.96 percent to 3,024.47 points, while in London the FTSE 100 fell 0.26 percent to 5,203.98. Madrid won 0.61 percent and Milan shot up 1.15 percent. The euro jumped to $1.3656 from $1.3536 late in New York on Wednesday. The German vote -- on expanding the size and scope of the EU\'s bailout fund, the EFSF -- is being described as a \"day of fate\" by the national media for Chancellor Angela Merkel. Deputies in Germany\'s Bundestag lower house of parliament are certain to approve the legislation, as opposition parties have pledged to vote in favour, but Merkel, named the world\'s most powerful woman by Forbes magazine, faces a backbench rebellion as Europe looks to her for leadership. \"Europe is once again dominating\" market sentiment, said Kathleen Brooks, an analyst at traders Forex.com. She said that while the German vote was widely expected to be passed, \"investors need to watch out for any conditions the Germans impose on future changes to the EFSF. Anything that is perceived as too harsh by investors could send risk tumbling and safe havens like the dollar soaring.\" Also on Thursday, international auditors were resuming talks in Greece to decide whether the government in Athens was doing enough to merit more financial aid, amid mounting social tension over the government\'s austerity measures. Greek Prime Minister George Papandreou has said that Athens was making a \"superhuman effort\" to bring down its debt. Asian stock markets also mostly rose on Thursday, with Tokyo closing up 0.99 percent and Seoul rallying 2.68 percent. Sydney, however, slipped 0.77 percent. US stocks suffered a sharp drop in the final hour of Wall Street trading on Wednesday to break a three-session run of gains. The Dow Jones Industrial Average ended 1.61 percent lower and the broader S&P 500 gave up 2.07 percent. Stocks came under the shadow of a push in Europe Wednesday on landmark proposals to tax the financial sector, ignoring US opposition in a move also sure to provoke a row with London which fears capital flight from the city. But the main worry continues to be eurozone debt crisis. \"The biggest event risk on traders\' minds is the German vote on the expanded powers of the EFSF,\" said IG Markets analyst Ben Potter in Sydney. \"The vote is key and whilst most see this being voted through, markets will remain nervous ahead of it.\"  

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