Investing.com - Financial Markets Worldwide

Global Markets Rallied on Renewed Hopes that Europe will Succeed

ByBinary Options Strategy
Published 12/08/2011, 05:51 AM
Updated 05/14/2017, 06:45 AM
NDX
0.12%
DE40
0.50%
JP225
0.47%
HK50
2.64%
Equities

Global markets rallied on renewed hopes that Europe will succeed in improving its bailout plan. In Asia, the Nikkei jumped 1.6% to 8287, the Kospi rallied 2.2%, and Australia’s ASX 200 climbed 1.9%. Hong Kong’s Hang Seng gained 2% to 18037, while the Shanghai Composite lagged the region, edging up a mere .1%.

European markets soared, with the CAC40 leading the advance, gaining 5.5% to 3013. The DAX jumped 4.6% and the FTSE advanced 2.9%. The Stoxx European banking index posted gains of 5.7%, as financials bounced strongly.

The rally continued in the US, with the Dow gaining 291 points to 11523. The Nasdaq and S&P 500 both snapped a 7-day losing streak, climbing 3.5% and 2.9% respectively.

Retailers reported record sales of $52.4 billion over the Thanksgiving weekend, 16% higher than last year’s figures

Currencies

The US Dollar declined as a spike in optimism encouraged risk taking, but settled well of its lows. The Australian Dollar soared 1.9% to .9898 after trading as high as .9976, and the Canadian Dollar jumped 1.1% to 1.0354. The Euro gained .6% to 1.3312, the Swiss Franc rose .8% to 1.0834, and the British Pound closed up .4% to 1.5505. The Japanese Yen declined .3% to 77.95, bucking the trend.

Economic Outlook

New home sales rose by 4000 to 307K, but were below expectations of 313K.

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