Wednesday, October 17, 2012

Europe stock markets advanced october 17 2012

Europe stock markets advanced october 17 2012 ; Europe's main stock markets advanced on Wednesday for the third day in a row, with the euro hitting a one-month high above $1.31, on easing eurozone debt crisis concerns and following upbeat US company results.

In morning deals, London's benchmark FTSE 100 index of top companies climbed 0.46 percent to 5,897.68 points, boosted by upbeat labour market data.

 Frankfurt's DAX 30 grew 0.25 percent to 7,394.56 points and in Paris the CAC 40 rose 0.43 percent to 3,515.90 points, while Madrid's IBEX 35 gained 1.70 percent to 8,074.60 points amid lingering bailout speculation.

The euro soared to $1.3129, which was the highest level since September 17, boosted after Moody's ratings agency re-affirmed Spain's credit rating.

Yields on Spanish bonds fell on the secondary market, and Portugal raised short-term money at rates which were on the whole much lower than at recent auctions.

 And gold prices increased to $1,748.32 an ounce on the London Bullion Market from $1,746.50 an ounce.

 Wall Street registered the best gains so far this month on Tuesday on good earnings reports from Mattel, Coca-Cola and Johnson & Johnson, while banking giant Citigroup rose 1.6 percent after the shock resignation of its CEO.

New York's Dow Jones Industrial Average rallied 0.95 percent to finish at 13,551.78 points.

"The continued stream of broadly upbeat earnings news from Wall Street is helping lift sentiment," said Mike McCudden, head of derivatives at online brokerage Interactive Investor.

"Further suggestions that Spain will indeed request a credit line from the EU's bail out facility has also helped buoy sentiment too, whilst Moody's refrained from downgrading the country's sovereign debt so long as they can continue to access private markets."

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