Arab Today, arab today european stocks surge on fed stimulus action
Last Updated : GMT 15:39:12
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European stocks surge on Fed stimulus action

Arab Today, arab today

Arab Today, arab today European stocks surge on Fed stimulus action

London - AFP

European stock markets surged higher on Friday after the US Federal Reserve unveiled fresh plans to stimulate the economy, boosting especially the share prices of miners. London\'s benchmark FTSE 100 index jumped 1.53 percent to 5,909.02 points in late morning deals, Frankfurt\'s DAX 30 won 1.49 percent to 7,418.97 points and in Paris the CAC 40 soared 1.96 percent to stand at 3,570.57 points. The Madrid market rocketed 2.70 percent and Milan 2.20 percent. \"European equity markets are trading sharply higher... feeding off strong US and Asian markets overnight as the Fed has finally provided the markets with another round of quantitative easing,\" said ETX Capital trader Markus Huber. David Jones, chief market strategist at IG Index trading group added: \"All of this has raised hopes of providing a shot in the arm for the global economy, and mining stocks are the biggest winners so far on the expectation of greater demand for commodities.\" In foreign exchange deals, the euro rose to $1.3028 from $1.2986 late in New York on Thursday, when the European single currency climbed above $1.30 for the first time for four months. Analysts said the unit was being hit by the prospect of higher US inflation caused by the added stimulus, and by receding worries over the eurozone debt crisis. \"The easing of eurozone sovereign debt tensions which were helping to unwind safe haven demand for the US dollar has provided the Fed with an opportune time to drive down the value of the US dollar through restarting the printing presses,\" said Lee Hardman, currency expert at The Bank of Tokyo-Mitsubishi UFJ in London. The Fed said it would unleash a huge open-ended bond-buying programme aimed at jumpstarting growth and boosting jobs in the world\'s largest economy. After a two-day meeting, the policy committee of the central bank said it would start a third programme to purchase $40 billion a month in mortgage-backed bonds, known as quantitative easing (QE3). The effect should spill through to the broader economy, pushing up the prices of homes, stocks, and other assets that, the Fed hopes, will make Americans feel more financially comfortable and begin spending. Elsewhere on Friday, shares in European aerospace group EADS were volatile amid scepticism about a proposal for the firm to marry with British defence group BAE Systems. BAE shares have made a firm gain overall since the marriage talks emerged. Shares in the European Aeronautic Defence and Space Company, which controls the maker of Airbus airliners, had fallen by nearly 6.0 percent on Wednesday and by slightly more than 10.0 percent on Thursday as the marriage proposal emerged. On Friday the stock opened with a rebound, then fell, then recovered part of its losses since the morning session began. By late morning, EADS shares were showing a gain of 1.47 percent to 25.52 euros. In London, the price of shares in BAE Systems was showing a gain of 3.94 percent to 350.39 pence. In Paris, one stock analyst who declined to be named, said in a comment on the fall of EADS shares: \"The rebound today is merely technical. The market is still sceptical about the project with BAE which would be very delicate to set up.\"

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