International Report

The FTSEurofirst 300 index closed 1% higher at 1,061.17 points after reaching 1,063.71 in the session. The Dow Jones industrial average gained 0.41%, to close at 10,685.98. The Standard & Poor’s 500 Index rose 0.78%, to close at 1,159.46. The Nasdaq Composite Index gained 0.67%, to close at 2,378.01. The Nikkei climbed 1.2% to close at 10,846.98. The Topix rose 1% to close at 947.43.

Yesterday, after giving a mixed outlook on America’s journey out of recession the Fed has signalled that it would hold interest rates at almost zero for at least six months. Wall Street shares rose, after the Fed stated that rates would stay in the 0-0.25% range,. Chairman Ben Bernanke also stated that economic activity had shown continued strengthen and that there were signs of stabilisation in the labour market. Yesterday, Greece was not downgraded by Standard & Poor’s, this in turn pushed the euro to a session high and also boosted US stocks. S&P warned Greece that it was still at risk of a rating cut within the next 18-24 months if its deficit cutting plan failed.

Due for release today is the JPY BOJ Press Conference, GBP Claimant Count Change, GBP MPC Meetings and USD PPI m/m.

 by Greg Secker

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