global stocks jump on eurozone debt hopes
Last Updated : GMT 10:17:55
Arab Today, arab today
Arab Today, arab today

Global stocks jump on eurozone debt hopes

Arab Today, arab today

Arab Today, arab today Global stocks jump on eurozone debt hopes

London - AFP

World stocks rose on Monday after G20 finance ministers said solving the eurozone debt crisis was the single most important priority in a make-or-break week to avert a global recession. Europe\'s main equity markets were up more than 1.0 percent in morning deals after strong gains for Asia-Pacific shares, as traders also reacted to positive US economic data. The euro rallied to stand above $1.39 for the first time in a month. \"European bourses are trading largely higher this morning after a strong Asian session and hopes that a solution to the continent\'s debt woes will come later in the week,\" said Chris Purdy, an analyst at Spreadex trading group. Speaking after a meeting of G20 finance ministers and central bankers in Paris at the weekend, French Finance Minister Francois Baroin said the eurozone would present answers as soon as this week\'s summit of EU leaders in Brussels. \"The results of the October 23 summit will be decisive,\" Baroin said. \"We are acting resolutely to maintain financial stability.\" The G20 finance chiefs welcomed Europe\'s efforts but made it clear more needed to be done. \"We look forward to further work to maximise the impact of the (European bailout fund) in order to avoid contagion,\" they said in a joint statement. US Treasury Secretary Tim Geithner said they \"heard encouraging things from our European colleagues in Paris about a new comprehensive plan to deal with the crisis on the continent.\" However, Geithner warned that the plan must include measures to ensure that European governments could borrow at sustainable interest rates, a broad recapitalisation of banks, and further support for debt-riddled Greece. \"The plan has the right elements,\" he said, but added: \"They clearly have more work to do on the strategy and the details.\" German Chancellor Angela Merkel and French President Nicolas Sarkozy have pushed hard for the idea of a tax on financial market transactions. \"I think the move toward a plan that\'s credible and deliverable is what the market is focusing on and the time frame has really been tightened up with the EU summit this weekend now expected to agree on a plan,\" said Macquarie Private Wealth investment adviser John Milroy. In morning trading, London\'s benchmark FTSE 100 index jumped 1.20 percent to 5,531.75 points, Frankfurt\'s DAX 30 rallied 1.70 percent to 6,068.37 points and in Paris the CAC 40 gained 1.27 percent to 3,258.84. The euro reached $1.3904, compared with $1.3881 in New York on Friday. In Asia, Tokyo closed 1.50 percent higher, Sydney ended up 1.70 percent and Seoul gained 1.62 percent. G20 nations, which represent 85 percent of the global economy, pledged to announce at next month\'s Cannes summit concrete steps to boost growth as the world economy skids. Reducing Greece\'s debt, now more than 150 percent of annual output, to a more sustainable level is emerging as a key element to resolve the eurozone crisis. At a July summit eurozone leaders decided to ask investors to take a loss of 21 percent on Greek bonds as part of a second rescue programme for Greece, but experts are saying Greece needs to cut its debt by around half to put the country\'s finances on a firm footing. After finally getting approval this week on boosting their European Financial Stability Facility (EFSF) bailout fund to 440 billion euros ($600 billion), eurozone leaders are already studying ways to leverage its assets up to 2.5 trillion euros. The enhanced EFSF will be able to inject money into shaky banks or intervene instead of the European Central Bank to support weaker eurozone countries facing problems in raising fresh funds on the markets. Investors were also cheered by US retail sales data on Friday which showed a higher-than-expected 1.1 percent rise in September over the previous month.  

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