Global Stocks Rally
October 09 2015 - 5:20AM
Dow Jones News
Global stocks rallied Friday following the release of minutes
from the U.S. Federal Reserve's September meeting Thursday that
further reduced investor expectations for a U.S. interest rate rise
this year.
The Stoxx Europe 600 was up 0.8% in early trade following gains
on Wall Street Thursday.
Germany's DAX rose 0.9%. France's CAC 40 was up 0.8%. The FTSE
100 climbed 0.6%.
U.S. stocks closed higher Thursday after minutes of the Federal
Reserve's September meeting showed central bank policy makers
decided against raising rates amid worries that inflation would
remain stuck at ultralow levels. Low interest rates in the U.S.
have buoyed stock markets over the past several years.
Asian shares joined in the rally on Friday on hopes for an
extended period of easy monetary policy. Hong Kong's Hang Seng
Index was up 0.8%, while Japan's Nikkei 225 was up 1.6%, nearing
its highest level in almost a month. Australia's S&P ASX 200
was up over 1%, a seven-week high.
Meanwhile, energy stocks gained as oil prices advanced. Brent
crude oil prices were last up 1.0% at $53.93 a barrel, propelled by
a weaker dollar, trader expectations of shrinking U.S. production
and concerns about Russia's involvement in Syria.
In corporate news, shares of commodities trader Glencore PLC
were up over 5% in Europe after the firm said it would cut global
zinc production following a collapse in the metal's price.
Investors in the U.S. will reflect on disappointing earnings
from aluminum giant Alcoa Inc., which unofficially kicked off the
third-quarter earnings season by reporting a sharp drop in profit
Thursday.
In currencies, the euro rose 0.2% against the dollar to $1.1306.
The dollar rose 0.2% against the yen. The dollar had initially
weakened after the release of the Federal Reserve minutes.
Gold was up 0.1% at $1145.50 a troy ounce.
The yield on 10-year U.S. Treasurys was flat at 2.098%. Yields
rise as prices fall.
Write to Riva Gold at riva.gold@wsj.com
Subscribe to WSJ: http://online.wsj.com?mod=djnwires
(END) Dow Jones Newswires
October 09, 2015 05:05 ET (09:05 GMT)
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