stocks rose, the euro strengthened and commodities gained for a third day on speculation policy makers will take steps to spur economic growth. Australia’s currency rallied after a report showed the economy grew at twice the rate economists estimated.
The Standard & Poor’s 500 Index (SPX) added 1.3 percent at 10 a.m. New York time, while the Stoxx Europe 600 Index rallied 1.9 percent. The euro strengthened 0.5 percent to $1.2514 and climbed 1 percent to 99.06 yen. The Australian dollar rose 1.6 percent versus the U.S. currency. Germany’s 10-year bund yield jumped nine basis points to 1.30 percent. The S&P GSCI gauge of 24 commodities gained 1.9 percent as oil jumped 2.1 percent
European Central Bank President Mario Draghi said officials stand ready to act as the euro region’s growth outlook worsens. Federal Reserve Bank of Atlanta President Dennis Lockhartsaid extending Operation Twist, the central bank’s stimulus program that lengthen maturities of debt on its balance sheet, is an “option on the table.”
“There’s always hope that some magic tool would be found,” Ron Florance, managing director of investment strategy for Wells Fargo Private Bank, said in a telephone interview from Phoenix. His firm manages $169 billion. “There’s no sense of any economic recovery on the near-term horizon for Europe. Things could get worse. Investors tend to be optimists. So they are always hoping for something better.”
Finance ministers and central bank governors from the world’s leading economies agreed to coordinate their response to the financial turmoil on a conference call yesterday. Officials said they would work together to help Spain and Greece put their public finances on a sustainable footing.
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