Asian markets were lifted by a report by the Financial Times that European leaders were trying to strengthen the region’s bailout fund. The Nikkei jumped 1.7% to 8722, the Kospi gained .9%, and the ASX 200 rose .7%. The Hang Seng rallied 1.6% while China’s Shanghai Composite rose .3%, snapping a 3-day losing streak.
Meanwhile, European markets posted moderate losses, surrendering earlier gains. The DAX fell .6%, the FTSE slipped .4%, and the CAC40 eased .1%. S&P has threatened to cut the credit rating on the ESFS bailout fund, and the threat may help force European leaders to agree to a deal at Friday’s summit.
US stocks closed mostly higher. The Dow gained 46 points to 12196, the S&P 500 rose .2%, while the Nasdaq ended flat.
Stocks Rally on IMF Loan Rumor
Rumors circulated that the G20 is considering a $600 billion loan to the IMF to help Europe, but the IMF denied the claim.
Energy stocks fell after a bearish oil report showed an unexpected rise in oil inventories. Halliburton shares slumped more than 6%, and Peabody Energy fell 3.4%.
Currencies
The Dollar traded mixed as the market prepared for the upcoming EU summit. The Pound rallied .7% to 1.5707, and the Australian Dollar gained .4% to 1.0286. The Euro, Canadian Dollar and Yen all closed little changed. The Swiss Franc slipped .2% to 1.0827.
Economic Outlook
Consumer credit increased to $2.457 trillion, slightly more than expected. Weekly mortgage applications also increased, thanks to a recovering economy and low interest rates.
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Daily Analysis – Rumors of $600 Billion IMF Loan Boost US Markets
Published 12/08/2011, 06:07 AM
Updated 05/14/2017, 06:45 AM
Daily Analysis – Rumors of $600 Billion IMF Loan Boost US Markets
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