Arab Today, arab today global stocks mixed at start of key week
Last Updated : GMT 21:25:08
Arab Today, arab today
Arab Today, arab today

Global stocks mixed at start of key week

Arab Today, arab today

Arab Today, arab today Global stocks mixed at start of key week

London - AFP

World stocks were mixed on Monday as European markets rebounded and Asian indices mostly dropped ahead of key economic data due amid fears of a fresh global recession that sent equities plunging last week. Europe\'s main stock markets rallied in morning trade, with London and Paris up more than one percent after sharp losses on Thursday and Friday when worries over the eurozone debt crisis also intensified. sian stocks closed mostly lower on Monday although they were not down as sharply as last week. Tokyo continued to drop as the strong yen weighed on Japanese exporters. The dollar rose to 76.81 yen from 76.50 yen in New York on Friday, when it hit a post-war low of 75.95 yen. The euro climbed to $1.4403 on Monday from $1.4398 Friday. Markets were meanwhile looking ahead to German investor confidence data due Tuesday and a US growth update and central bankers\' meeting on Friday. \"Volatility is likely to remain this week as investors position themselves for the meeting of global central bankers in Jackson Hole, Wyoming at the end of the week,\" said Joshua Raymond, chief market strategist at traders City Index. In early European trade, London jumped 1.23 percent, Paris was up 1.20 percent, Frankfurt gained 0.20 percent, Madrid advanced 1.30 percent and Milan surged 2.18 percent. Earlier, Tokyo closed down 1.04 percent, Seoul shed 1.96 percent and Sydney lost 0.48 percent. Hong Kong rose 0.45 percent. \"Losses may be relatively modest compared to some of the recent swings we\'ve seen and indeed some markets are managing to grind higher but there\'s no escaping the fact that the outlook for global economic growth is being questioned,\" said Cameron Peacock, an analyst at trading group IG Markets. \"As a result there are few who will be out there willing to take on much additional risk right now.\" Elsewhere, Brent oil prices slumped on the prospects of Libyan oil production returning to normal after a rebel advance deep into Tripoli left Moamer Kadhafi\'s fate in the balance, traders said. Gold traded close to record highs recorded on Friday, with investors continuing to seek safe-haven investments. CMC Markets analyst Michael Hewson said that the prospect of central bank intervention was likely to weigh on global markets this week. \"Last Friday, the yen hit its highest level against the US dollar since the Second World War prompting further speculation of imminent intervention by the Bank of Japan,\" he said in a note to clients. Japan on Monday went as far as pledging \"decisive action\" to counter the rise of the yen to levels that could threaten the nation\'s recovery from the impact of its natural disasters earlier this year. Hewson added that all eyes were also on the US Federal Reserve. \"As this week goes on, speculation is expected to intensify about what steps, if any, the Federal Reserve could announce at Jackson Hole on Friday as the US economy continues to be hit by further growth downgrades from various investment banks for the remainder of the year as well as 2012,\" he said.  

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