• Caught in the debt trap?

    Help us help you by taking our second annual Debt survey and you could win R3 000.

  • Rich man, poor man

    Culture change from below is the only way to overcome poverty, says Leopold Scholtz.

  • Tech bubble talk

    After the tech euphoria of 2013, the fast-moving sector has hit a speed bump.

Data provided by McGregor BFA
All data is delayed
Loading...
See More

Euro shares buoyed by debt support

Jul 02 2012 13:36 SAPA

Related Articles

Shares cheer eurozone bank relief

Stocks, euro surge on EU bond support

Absa stocks take a hammering

Shares edge up but gains limited

Volatile JSE closes weaker

No let-up for Absa as shares tumble

 

Frankfurt - European share markets began the trading week on an upbeat note on Monday as the momentum from the breakthrough in the euro debt crisis at last week's EU summit continued to underpin investor confidence.

While the eurozone's blue-chip Stoxx 50 index rose 1.34% to 2,295.03 points in morning trading, the euro slipped 0.14% to $1.2555 and borrowing costs for Spain edged up.

The yield on Spanish 10-year bonds climbed to 6.34% from 6.33%. At the same time, the risk premium measuring the difference with German bonds rose by five basis points to 480 basis points.

Analysts were cautious about Friday's strong gains in the euro as representing a change in direction for the common currency, which has recently come under pressure amid mounting concerns about the eurozone's outlook.

"We can still not speak a change in the trend," wrote the foreign exchange analysts from Germany's Helaba bank in a note to clients.

Monday's increase in European stocks also followed the release of better-than-expected manufacturing indicators from Asia's two biggest economies - Japan and China.

However, Asian investors appeared to take the indicators in their stride with stocks markets in Japan and China ending the day barely changed.

Monday's share market performance came after a good week for global shares with the Stoxx 50 index up 7.7% on the week after European leaders agreed to a series of short-term measures to address the eurozone debt crisis.

The pickup in European shares also came ahead of this week's meeting of the European Central Bank with analysts expecting the Frankfrurt-based bank to announce a rate cut to help spur growth in the eurozone.

 

european markets  |  europe debt crisis  |  pmi
NEXT ON FIN24X

 
 
 

Read Fin24’s Comments Policy

24.com publishes all comments posted on articles provided that they adhere to our Comments Policy. Should you wish to report a comment for editorial review, please do so by clicking the 'Report Comment' button to the right of each comment.

Comment on this story
0 comments
Add your comment
Comment 0 characters remaining
 

Company Snapshot

We're Talking About: Small Business

Standard Bank is looking for 12 entrepreneurs to participate in a 10-part TV series. They could win a R1m investment into their dream.
 
 

Ramphele: ANC can be defeated

The African National Congress can be defeated, Agang SA leader Mamphela Ramphele has told supporters in Temba near Hammanskraal.

 
 

Latest elections multimedia

Watch what happened when we blindfolded Helen Zille and asked her to eat random things
13 days to elections - news you need to know
11 Julius Malema quotes you'll never forget
DA won't get 30% - Zille

Money Clinic

Money Clinic
Do you have a question about your finances? We'll get an expert opinion.
Click here...
Loading...