A bullish trend was seen in stocks in Europe and Asia where they rose as the yen pared its biggest annual decline against the dollar in 34 years. In today’s trading the Stoxx Europe 600 Index rose 0.2 percent at 8:13 a.m. in London. A similar trend was seen in the MSCI Asia Pacific excluding Japan Index wherein it added 0.2 percent.
Asian stocks gained to a great extent thanks to the upbeat performance of Chinese shares as the country gave approval for the first initial public offerings in more than a year, and it is expected to help the national economy get institutional investments. On the bullish trading day Standard & Poor’s 500 Index (SPX) futures were little changed.
Japanese, American and European Banks Played a Vital Role in the Global Stocks
According to the various news sources monetary stimulus by the Bank of Japan, European Central Bank and Federal Reserve have contributed a lot to global stocks. The estimates say that these three bodies have helped the global economy by inducing the market value of world stocks by $9.5 trillion in the current year.
The global economy which started at the slower end is now gaining pace as the U.S. and Japanese economies are faring better. The latest data from the U.S. shows that the country experienced better than expected growth rate and the Federal Reserve is expected to curtail its stimulus. The decision on the part of Japanese government to continue with the stimulus has further given impetus to the global economy.
Major Indexes and Their Performances
Overall the year has been better for the S&P 500 which gained a 29 percent in 2013 which according to various estimates is the best year since 1997. Similar trend was seen in the Stoxx Europe 600 Index wherein the growth has been recorded to a great extent. The data shows that it reached the highest level since May 2008, as it gained 17 percent this year.
The major gainer in today’s trade was Apollo Tyres Ltd which rose 5 percent to its highest level. This according to market observers is the highest in at least 22 years; this came to light when in Mumbai trading after Cooper Tire & Rubber Co. dropped a $2.5 billion merger plan. The decision ruled out the apprehensions that the merger will lead to debt.
To contact the reporter of this story: Jonathan Millet at email@example.com