The FTSE 100 index of leading shares rallied 3.4 percent over the week to finish at 5,303.40 points on Friday. The market got a boost on Thursday after the Bank of England announced that it will inject £75 billion of new money into Britain's stalled economy.
A day earlier, data showed the economy had slowed to virtual halt in the second quarter and that the country's last recession was much deeper than thought, piling pressure on the coalition government to get growth going again.
Sentiment improved towards the end of the week on news of better-than-expected US jobs growth and hopes of swift recapitalisation of European banks to avert the eurozone debt crisis spreading.
However bank shares took a knock Friday as Moody's downgraded its credit ratings for a dozen British lenders, including state-rescued Royal Bank of Scotland and Lloyds TSB, due to the removal and curtailment of government aid.
Next week, markets will digest manufacturing data for August on Tuesday, September unemployment figures on Wednesday and August trade data on Thursday.
Tokyo stocks are expected to get support from buybacks in the coming week due to easing concerns over the European sovereign debt crisis, with eyes on a raft of US earnings reports.
"The Tokyo market will test its topside next week supported by continued buybacks, but a powerful rally is unlikely in relatively slow trading we have seen recently," said Kenichi Hirano, operating officer at Tachibana Securities.
"Although fear persists over Europe, as nothing has actually beenresolved, the market is seen taking a respite after getting over a crucial point for now," Hirano said.
The US earnings season gets under way in earnest next week, with major financials as well as high-tech giants such as Intel issuing their reports.
"Over 70 per cent of US firms saw their April-June results exceed their forecast," Nomura Securities said in a note.
"The focus is on whether they continued their good performance in July-September, when worries were widespread over a slowdown in the global economy," Nomura said.
In the week to October 14, the benchmark Nikkei 225 index at the Tokyo Stock Exchange rose 142.34 points or 1.65 per cent to 8,747.96. The Topix index of all first-section issues gained 7.26 points or 0.98 per cent to 748.81.
Stocks were buoyed by signs of progress in Europe's battle to contain its sovereign debt crisis.
Extreme pessimism receded following a German and French pledge to shore up the region's banks affected by the debt crisis as well as the European Commission chief's call for an urgent recapitalisation of the banks.
Traders will also have an eye on Chinese data due Tuesday, including July-September GDP, which will give clues to the strength of the world's second biggest economy after long-term monetary tightening, Nomura said.
Stock Market Futures - October 17, 2011
Dow Jones Futures - Up 10
Nasdaq Futures - Up 2
S&P 500 Futures - Up 1
Gold Futures - 1682
Silver Futures - 32.25
Oil Futures - 87.32
Asian Markets ( Nikkei ) - 8885
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