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Tuesday, October 11, 2011

World market Updates

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Asian shares rose on Tuesday and the Euro held most of the previous session's big gains on hopes of that European leaders are finally taking action to protect the continent's banks from its festering sovereign debt crisis.
World stocks clambered out of bear market territory on Monday after a pledge from German and French leaders to come up with a plan by the end of the month to tackle Greece's confidence-sapping debt woes and recapitalise European banks.

SHANGHAI: Chinese shares opened up 2.4 per cent on Tuesday, boosted by a unit of the country's sovereign wealth fund increasing its stakes in the "Big Four" lenders in a sign of government support for the languishing stock market.

TOKYO: The Nikkei share average jumped to its highest level in over a week on Tuesday after Germany and France pledged to deliver a plan to protect banks by the end of month, easing fears that Greece's debt troubles could wreak havoc on banks

SINGAPORE: Oil prices hovered above $85 a barrel Tuesday in Asia, pausing after gains of 13 percent over the past week that were fueled by hopes Europe will contain its debt crisis and avoid a global recession.

US Market:

NEW YORK: US stocks jumped 3 per cent on Monday, extending gains into a second week as a pledge by German and French leaders boosted hopes that the euro-zone debt crisis may be resolved.
The gains lifted the S&P 500 above its 50-day moving average for the first time since late July, a bullish technical signal. The S&P 500 is now up about 11 per cent since its low on Tuesday, when it briefly fell into bear-market territory.


LONDON: European shares fell on Tuesday, while the euro took a breather from a rally against the dollar with investors focused on Slovakia's parliamentary vote to ratify an expansion of the euro zone's rescue fund.

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