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November 9, 2009

<img src=" http://www.joplinglobeonline.com/images/zope/monday.gif" border=0> World markets get G-20 boost

Anonymous The Joplin Globe Mon Nov 09, 2009, 07:35 AM CST

LONDON (AP) — World stock markets rose Monday after the Group of 20 leading rich and developing countries agreed to maintain their stimulus measures in the wake of weak U.S. employment figures.

At a meeting in Scotland, the countries’ finance ministers pledged to “continue to provide support for the economy until the recovery is assured” after U.S. jobs figures Friday showed unemployment at a 26-year high of 10.2 percent.

“Asset markets have taken comfort from the continued coordinated pro-growth plans of the G-20, with equity markets remaining supported,” said Hans Redeker, an analyst at BNP Paribas.

In Europe, the FTSE 100 index of leading British shares was up 61.21 points, or 1.2 percent, at 5,203.93 while Germany’s DAX rose 78.58 points, or 1.4 percent, at 5,566.83. The CAC-40 in France was 43.84 points, or 1.2 percent, higher at 3,751.13.

U.S. stocks were also expected to open higher. Dow futures were up 73 points, or 0.7 percent, at 10,051 while the broader Standard & Poor’s 500 futures rose 9 points, or 0.8 percent, to 1,075.20.

Though stocks have managed to garner some gains after the G-20 meeting, the dollar has continued to fall as the finance ministers steered clear of any attempt to talk up the U.S. currency.

Comments from the International Monetary Fund that the dollar was still “on the strong side” in terms of its trade-weighted basis helped fan the dollar selling Monday, particularly against the euro. While the dollar may be weak against the euro, it is considered to be overvalued against the Chinese yuan.

BNP Paribas’ Redeker said the market took the IMF’s comments as a “green light to continue with the broader dollar bearish trade.”

By midmorning London time, the euro was 0.7 percent higher at $1.4994 while the dollar was 0.1 percent lower at 89.88 yen.

This week, attention turns towards the U.S. consumer with many leading retailers, such as Wal-Mart Stores Inc., Abercrombie & Fitch Co., Macy’s Inc. and JC Penney Inc. reporting third quarter earnings. Without the help of the consumer, which accounts for around for 70 percent of the U.S. economy, any global economic recovery will be modest.

David Buik, markets analyst at BGC Partners, said the rise in U.S. unemployment is worrying for the retail sector — the results this week may be “satisfactory,” he said, “but what of the outlook?”

On Friday, U.S. stocks managed to close higher despite the grim unemployment news as the figures reinforced expectations that the Federal Reserve will keep its benchmark rate at the record low of near zero percent for a while yet.

Earlier in Asia, Hong Kong’s Hang Seng index rose 1.7 percent to 22,207.55, and Japan’s Nikkei stock average edged up 0.2 percent to 9,823.90.

Benchmarks in mainland China, South Korea, Taiwan, Singapore, Australia and New Zealand also advanced.

Oil prices shot higher as Hurricane Ida threatened oil installations in the Gulf of Mexico. Benchmark crude for December delivery was up $1.24 at $78.67; the contract fell $2.19 on Friday.

————

Associated Press Writer Tomoko A. Hosaka in Tokyo contributed to this report.

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