Arab Today, arab today stocks higher ahead of key central bank meetings
Last Updated : GMT 15:02:17
Arab Today, arab today
Arab Today, arab today

Stocks higher ahead of key central bank meetings

Arab Today, arab today

Arab Today, arab today Stocks higher ahead of key central bank meetings

The DAX went above 10,000 for the first time since January 13, hitting an intra-day high of 10,039.61 points
London - AFP

European stock markets rose on Monday, with Frankfurt back above 10,000 points, following a strong start to the week across Asia as traders looked ahead to more central bank action.

The Bank of Japan started a two-day meeting Monday, while the Federal Reserve and Bank of England also gather this week to decide over the direction for interest rates and stimulus.

Markets are keen to see if Japanese policymakers unleash fresh stimulus, after launching a widely-panned negative interest rate policy in January, while the Fed talks will be watched for clues about a possible timeline for more rate hikes.

The Bank of England is expected to leave its main lending rate at 0.50 percent following a gathering later in the week. Ahead of Thursday's decision, Britain presents its annual budget on Wednesday.

The monetary policy meetings meanwhile come after the European Central Bank last week cut rates and boosted its bond-buying in a bid to kickstart the tepid eurozone economy, in turn helping Frankfurt's DAX 30 shares index to rally in recent days.

On Monday, the DAX went above 10,000 for the first time since January 13, hitting an intra-day high of 10,039.61 points.

"Asian stocks headed higher... following the lead from stocks on Wall Street on Friday and giving European markets a healthy shot in the arm first thing," said James Hughes, chief market analyst at trading group GKFX.

European indices won a boost from strong showing across Asia, after the new head of China's new market regulator hinted at more action to support volatile mainland bourses.

Hong Kong closed up 1.2 percent and Shanghai tacked on 1.8 percent, despite more evidence of a slowdown in China's economy -- the world's second-largest and a key driver of global growth.

Tokyo's benchmark Nikkei 225 index finished 1.7-percent higher.

"Equity markets are making a solid start to the week, continuing with their post-ECB bounce," said Mike van Dulken, head of research at Accendo Markets.

"Poor China data over the weekend has stoked the fires of stimulus hopes," -- helping to lift commodity prices and mining groups' shares.

In the first two months of the year, output at China's factories, workshops and mines was the weakest since the global financial crisis, official figures showed Saturday.

But Chinese shares got a lift Monday after the new head of China's stock-market regulator said at the weekend that the state would intervene "if the market is not working properly at all or continues to fall".

"It will be too early to talk about withdrawing" state support for stocks "for rather a long time into the future", said Liu Shiyu, chairman of the China Securities Regulatory Commission.

- Key figures around 1030 GMT -

London - FTSE 100: UP 0.6 percent at 6,175.64 points

Frankfurt - DAX 30: UP 1.6 percent at 9,983.94

Paris - CAC 40: UP 0.5 percent at 4,516.32

EURO STOXX 50: UP 0.8 percent at 3,098.85

Tokyo - Nikkei 225: UP 1.74 percent at 17,233.75 (close)

Shanghai - composite: UP 1.75 percent at 2,859.50 (close)

Hong Kong - Hang Seng: UP 1.17 percent at 20,435.35 (close)

New York - Dow: UP 1.3 percent at 17,213.31 (close)

Euro/dollar: DOWN at $1.1119 from $1.1149 on Friday

Dollar/yen: DOWN at 113.82 yen from 113.79 yen

 

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