Asian investors cheered the ECB’s resolve to protect the euro, sending the region’s markets sharply higher. The Nikkei rallied 1.5% to 8567, and the Kospi surged 2.6% to 1829, as Samsung Electronics posted a 5.2% gain after reporting a record profit of $5.9 billion. The ASX 200 climbed 1.5% to 4210, and the Hang Seng advanced 2% to 19275. The Shanghai Composite did not participate in the rally, inching up a mere .1%.
European leaders from France and Germany reinforced the the ECB’s resolve to protect the euro, helping to lift markets for a second day. The CAC40 outperformed, jumping 2.3% to 3280. The DAX rallied 1.6% to 6689, and the FTSE gained 1% to 5627.
Similar gains were achieved by US stocks, as hopes for additional stimulus grew. The Dow surged 188 points to 13076, the Nasdaq advanced 2.2% to 2958, and the S&P 500 tacked on 1.9% to 1386.
Facebook shares tumbled 11.75 to 23.70 after reporting a slowdown in growth. The company failed to issue an outlook, raising eyebrows.
Starbucks shares tanked 9.4% after cutting its outlook and missing profit forecasts.
Currencies
The Dollar fell for a second day, but this time the rally was led by commodity currencies. The Australian Dollar and Canadian Dollar both climbed .7%. The Pound and Euro rose .4%, and the Swiss Franc ticked up .3%. The Yen declined .4% to 78.51, joining in the flight to risk.
Economic Outlook
GDP was in line with estimates, showing a growth rate of 1.5% for the second quarter. Consumer sentiment rose slightly to 72.3 from last month’s 72.0 reading.
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Hopes For Central Bank Easing Give Markets Huge Boost
Published 07/30/2012, 03:02 AM
Updated 05/14/2017, 06:45 AM
Hopes For Central Bank Easing Give Markets Huge Boost
Equities
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