A roundup of trading on major world markets:
NEW YORK – US stocks shot higher out of the gate on Tuesday, boosted by a jump-start to the corporate earnings season and China’s shrinking trade surplus.
The Dow Jones Industrial Average jumped 109.17 points, or 0.88 per cent, to 12,501.86 in the first two minutes of trade.
The tech-rich Nasdaq Composite added 27.61 points, or 1.03 per cent, to 2,704.17.
The broader S&P 500 advanced 12.24 points, or 0.96 per cent, to 1,292.94.
Wall Street welcomed Alcoa’s unofficial kickoff of corporate earnings season after the markets closed on Monday.
LONDON – European stocks rallied and the euro rose against the US dollar as Chinese data and upbeat US company results overshadowed fears over the stubborn eurozone debt crisis, dealers said.
Investor sentiment was boosted over fresh speculation of more monetary easing from Beijing and on surprise talk from ratings agency Fitch that France was not under the threat of a ratings downgrade in 2012.
European markets closed sharply higher with London’s FTSE index of leading companies up 1.50 per cent at 5,696.7 points.
In Paris, the CAC-40 index gained 2.66 per cent at 3,210.79 points and in Frankfurt the DAX 30 added 2.42 per cent to 6,162.98 points.
In Milan, the FTSE Mib surged 3.08 per cent to 14,845 points led by a recovery in the banks, including UniCredit, which had slumped sharply in the past few sessions.
Elsewhere in Europe, Madrid jumped by 2.34 per cent, Brussels by 2.17 per cent, Amsterdam by 1.20 per cent, and Zurich by 1.06 per cent. Lisbon slipped by 0.25 per cent.
The euro meanwhile advanced to $US1.2782 from $US1.2763 in New York late on Monday, when it struck a 16-month low at $US1.2666.
HONG KONG – Asian shares rose, following a lead from Wall Street after more upbeat US data, although a Franco-German meeting on ramping up plans to save the euro received a tepid response.
Tokyo on Tuesday gained 0.38 per cent, or 31.91 points, to 8,422.26, Sydney added 1.14 per cent, or 46.8 points, to 4,152.2 and Seoul jumped 1.46 per cent, or 26.73 points, to 1,853.22.
Hong Kong closed 0.73 per cent, or 138.56 points, stronger at 19,004.28 and Shanghai soared 2.69 per cent, or 59.85 points, to 2,285.74.
In the United States, data showed a 9.9 per cent surge in consumer credit in November, the biggest increase in a decade.
Credit card spending was up 8.5 per cent, while non-revolving loans, including university and car loans, jumped 107 per cent.
It added to the growing sense that a recovery in the world’s biggest economy is showing signs of strength, coming days after a fall in the unemployment rate and a bigger-than-forecast rise in job creation.
The Dow finished 0.26 per cent higher, the Nasdaq added 0.09 per cent and the S&P 500 rose 0.23 per cent.
Shanghai shook off data showing the country’s exports had slowed and its trade surplus shrank due to the debt woes in Europe and the United States.
WELLINGTON – Wellington fell 0.59 per cent, or 19.27 points, to 3,228.01.
Fletcher Building was down 1.86 per cent at NZ$5.80 and Contact Energy dived 3.8 per cent to NZ$5.10.
