Arab Today, arab today world stocks euro jump
Last Updated : GMT 10:54:55
Arab Today, arab today
Arab Today, arab today

World stocks, euro jump

Arab Today, arab today

Arab Today, arab today World stocks, euro jump

London - AFP

World stock markets surged Friday, propelled by bank shares, and the euro jumped against the dollar after a key EU summit delivered surprise emergency measures to fight the eurozone debt crisis. The Madrid and Rome markets were the biggest gainers after emergency aid to crisis-hit Spain and Italy was announced following marathon talks at a summit to save the ailing single currency. \"European equities are trading sharply higher... after intense negotiations between EU leaders lasting till early morning rather surprisingly yielded an agreement,\" said ETX Capital trader Markus Huber. \"It needs to be seen however if these developments and measures are indeed enough to calm markets long-term with periphery bond yields establishing a firm downward trend or if relief is only temporary.\" In Frankfurt the DAX 30 rose 4.33 percent to 6,416.28 points and Paris\' CAC 40 soared 4.75 percent to 3,196.65 points. Milan rocketed up by 6.59 percent, Madrid by 5.66 percent and Athens by 5.68 percent. London\'s benchmark FTSE 100 index ended the day up 1.42 percent at 5,571.15 points, with a series of banking scandals tempering enthusiasm. Among individual shares, Spanish bank BBVA soared 9 percent, French lender BNP Paribas rallied 9.7 percent and Deutsche Bank won 5.91 percent. British banks\' gains were less robust after HSBC and Barclays were ordered by the country\'s financial watchdog to compensate businesses for \"serious failings\" over the sale of complex products. In foreign exchange deals meanwhile, the euro soared to $1.2675 from $1.2442 late in New York on Thursday. On European bond markets, the Spanish 10-year rate fell to 6.472 percent in afternoon trading from 6.896 percent on Thursday, with the difference between its borrowing costs and those of Germany -- a key measure of market tension -- falling back below five percentage points. The yield on 10-year Italian bonds also dropped, easing to 5.866 percent compared to 6.182 percent on Thursday. Germany\'s 10-year bond yield rose to 1.627 percent from 1.512 percent, while France\'s nudged up to 2.698 percent from 2.664 percent. Asia stock markets closed sharply higher, with Tokyo climbing 1.50 percent, Seoul winning 1.91 percent and Sydney closing up 1.23 percent. Wall Street also surged, with the Dow Jones Industrial Average climbing 1.74 percent at 12,820.98 points in midday trade. The S&P 500 index gained 1.94 percent to 1,354.87 points, while the tech-rich Nasdaq jumped 2.36 percent to 2,916.65. The accord struck in Brussels paves the way for the eurozone\'s 500-billion-euro bailout fund to recapitalise ailing banks directly, without passing through national budgets and adding to struggling countries\' debt mountains. But this would occur only after a Europe-wide banking supervisory body is set up, with leaders aiming for that to happen at the end of the year. It was also agreed the bailout funds would be used \"in a flexible and efficient manner in order to stabilise markets,\" a reference to buying countries\' bonds to drive down high borrowing costs that have crippled Spain and Italy. \"This news means an advance towards a banking union and support for the financial stability of the euro, but the details still have to be decided,\" said Spanish brokerage Renta 4. \"These measures together with the creation of a European banking supervisor and the advances to be made on fiscal consolidation undoubtedly mean some loss of sovereignty, which would be welcome if it finally meant taking the necessary decisions to lay the foundation for future, if not immediate, economic recovery.\" EU president Herman Van Rompuy hailed the deal as a \"real breakthrough\" that would calm financial markets and reshape the eurozone to prevent a recurrence of the debt crisis. German Chancellor Angela Merkel appeared to have dropped her insistence on recapitalisation funds to banks being channelled through governments. EU leaders also agreed a package of measures worth some 120 billion euros they hope would bolster growth in the recession-hit bloc. Investors had had low expectations from the summit, just one of many attempts to resolve the long-running euro debt crisis, and the deal took global markets by surprise. \"The summit is a clear success. It goes very clearly in the right direction because at last it puts in place efficient tools in the long term,\" Natixis bank bond strategist Rene Defossez said. Referring to a decision enabling the EU rescue fund EFSF and its successor the ESM to recapitalise banks directly, under conditions, he said: \"This is extremely important because a bank which has to be recapitalised will no longer add to the strains on the public finances of a nation.\" Analysts at Saxo Bank commented on a decision that the ESM fund would not be a preferential creditor. This was seen as reassuring investors reluctant to buy Spanish debt for fear they would be last in line for repayment if Spain ever defaulted. They said that this was of \"capital\" importance.

arabstoday
arabstoday

GMT 21:31 2017 Wednesday ,18 October

Bahrain Bourse daily trading performance

GMT 16:08 2017 Saturday ,14 October

US stocks rise on strong retail sales; Europe mixed

GMT 04:42 2017 Saturday ,14 October

Egyptian Bourse gains EGP 2.6 bn

GMT 04:32 2017 Saturday ,14 October

US stocks rise on strong retail sales; Europe mixed

GMT 20:52 2017 Thursday ,12 October

Egyptian Bourse loses EGP 3 bn

GMT 13:12 2017 Thursday ,12 October

Bahrain Bourse daily performance
Arab Today, arab today
Arab Today, arab today

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today world stocks euro jump Arab Today, arab today world stocks euro jump

 



Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today world stocks euro jump Arab Today, arab today world stocks euro jump

 



Arab Today, arab today
Arab Today, arab today Youssra depended on colored foam

GMT 16:53 2017 Tuesday ,05 September

Youssra depended on colored foam
Arab Today, arab today Second US judge orders freeze

GMT 08:04 2017 Thursday ,19 October

Second US judge orders freeze
Arab Today, arab today Etiquette expert underlines importance of gifts

GMT 17:52 2017 Sunday ,03 September

Etiquette expert underlines importance of gifts
Arab Today, arab today Writing's on the wall for Trump, Zuckerberg

GMT 09:05 2017 Thursday ,19 October

Writing's on the wall for Trump, Zuckerberg
Arab Today, arab today Hiring not part of Alibaba pledge

GMT 11:26 2017 Wednesday ,18 October

Hiring not part of Alibaba pledge
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today Sidem reveals plan to improve education

GMT 15:52 2017 Friday ,06 October

Sidem reveals plan to improve education
Arab Today, arab today Ex-French minister Dati wants tough action

GMT 10:54 2017 Thursday ,19 October

Ex-French minister Dati wants tough action
Arab Today, arab today Climate-disrupting volcanoes helped topple

GMT 16:00 2017 Wednesday ,18 October

Climate-disrupting volcanoes helped topple
Arab Today, arab today The history of solar eclipses

GMT 05:16 2017 Sunday ,20 August

The history of solar eclipses
Arab Today, arab today Mercedes says recalls 400,000 UK cars

GMT 06:56 2017 Tuesday ,17 October

Mercedes says recalls 400,000 UK cars
Arab Today, arab today Britain's Vauxhall to cut 400 jobs

GMT 10:53 2017 Sunday ,15 October

Britain's Vauxhall to cut 400 jobs
Arab Today, arab today Hussein Fahmy happy for honoring in festival

GMT 07:47 2017 Tuesday ,17 October

Hussein Fahmy happy for honoring in festival
Arab Today, arab today Three killed, 360,000 without power

GMT 05:11 2017 Tuesday ,17 October

Three killed, 360,000 without power

GMT 09:31 2017 Monday ,16 October

Dalal Abdel Aziz happy for “Seventh Neighbor”

GMT 18:15 2017 Monday ,16 October

British actress becomes fifth woman

GMT 16:53 2017 Saturday ,02 September

Mai importance of gifts during Eid Al-Adha

GMT 18:49 2017 Monday ,16 October

India to close colonial-era military farms

GMT 10:46 2017 Saturday ,05 August

Nanis reveals simple ideas for home renovation

GMT 23:42 2017 Monday ,16 October

Better Marriages Make

GMT 06:52 2017 Monday ,16 October

Airbus CEO says won't cling to job

GMT 17:12 2017 Monday ,07 August

Al-Shawaifi reveals secrets of total solar eclipse

GMT 03:59 2017 Sunday ,15 October

US mobile carriers Sprint, T-Mobile to merge

GMT 11:37 2017 Saturday ,12 August

Fashion designer reveals her new collection
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday