Global markets finally bounced overnight, after a horror run which saw many major indices give up their gains year-to-date.
In Europe the FTSE 100 put on 37 points (+0.7%) to settle at 5304, whilst the CAC (+0.6%) and DAX (+1%) also posted solid gains.
Stateside, the Dow Jones lost 135 points (+1.1%) to settle at 12504, whilst the S&P (+1.6%) and Nasdaq (+2.5%) enjoyed even stronger gains.
The Aussie dollar bounced and is now trading back above the US$0.9900 handle, whilst the yen declined against most of its major counterparts on speculation the Bank of Japan will add to stimulus measures this week to support growth and weaken the nation’s foreign-exchange rates.
Oil rose for the first time in seven days in New York as China pledged to boost the nation’s economy and Goldman Sachs Group Inc. said the balance between the supply and demand of crude is tightening.
Crude oil for June delivery rose $1.09 to settle at $92.57 a barrel on the New York Mercantile Exchange. It was the biggest gain since 1 May.
Elsewhere, copper rallied 1.1% whilst gold put on 0.1% to settle at US$1596 an ounce.
In company news, GrainCorp reported a 1H FY12 net profit $133.7 million, a 52.5% surge on the previous corresponding period.
There is no major local economic data slated for release today.
Written by: marketpulse Other posts from: marketpulse
Posted in Market Analysis, Morning
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