U.S. stocks recovered some of the prior day’s losses yesterday, helped by an upbeat report on jobs growth, a report the Federal Reserve could implement new bond buys if the economy flags and signs of progress on Greece’s debt swap. European stock markets edged higher yesterday in choppy action, aided by gains for banks, with investors remaining cautious ahead of a looming deadline for Greece’s debt swap deal. Asia markets jumped on this morning, with exporters gaining in Japan, while resource firms benefited from an improved risk tone as hopes for a Greek debt restructure firmed.
The Dow Jones Industrial Average ended up 78.18 points, or 0.6%, to 12 837.33. The S&P 500 Index climbed 9.27 points, or 0.7%, to 1 352.63, with financials and industrials among the sectors leading those gains. The Nasdaq Composite Index gained 25.37 points, or 0.9%, to 2 935.69.
The Stoxx Europe 600 index added 0.6% to close at 260.10, after sinking 2.7% on Tuesday. The FTSE 100 index gained 0.4% to 5 791.41, further lifted by miners. In France, banks helped lift the CAC 40 0.9% to 3 392.33, after that index tumbled in Tuesday’s trade. Banks also buoyed the German DAX 30 index which added 0.6% to 6,671.11, after seesawing between positive and negative territory in early trade.
Japan’s Nikkei Stock Average surged 1.6%, China’s Shanghai Composite rose 1.1% and South Korea’s Kospi climbed 1%. Hong Kong’s Hang Seng Index gained 0.9% and Australia’s S&P/ASX 200 index traded up 0.7%.
The US dollar is currently trading at 1.31 to the euro, 1.57 to the pound and will buy 81.36 Japanese Yen or 7.58 South African Rand.
The JSE All Share index was up 0.33% at 33 497.21 points, with gold miners picking up 1.43%, resources lifting 0.43%, and platinums edging up 0.12%. Financials were flat (0.04%), banks lost 0.15% and industrials gained 0.37%
The benchmark R157 bond was trading at 6.705%, from its close on Tuesday of 6.710%. The R207 was bid at 7.805% and offered at 7.775% from a previous close of 7.795% and the R186 was trading at 8.300% from its close of 8.315%.
Spot gold is currently trading at US$ 1 686.40/oz. and platinum at US$ 1 645.20/oz. Brent crude oil is currently trading at US$ 124.12 per barrel.