| Holiday rally for global markets | |||||||
| European shares edge up, Asian stocks hit fresh highs, dollar stumbles against euro, oil falls. | |||||||
LONDON (Reuters) - Stocks pushed higher in Europe and Asia in a shortened holiday trading session Friday while the euro hit record highs against the dollar for a second day running. Oil prices fell in London and gold edged higher. U.S. markets were closed for the Christmas holiday. Market activity is expected to remain light next week in the run-up to the New Year. The London Stock Exchange is closed Monday and Tuesday.
In Europe, stocks edged up in a shortened session before Christmas. "This is the time of the year when markets, if they do tend to move, they go up. Valuations for most markets, certainly for the UK and Europe, are still very attractive," said Mike Lenhoff, chief strategist at wealth manager Brewin Dolphin Securities. In London, the FTSE 100 index rose 0.2 percent and the Paris CAC-40 edged higher. The FTSEurofirst 300 index of European blue-chips held its ground, about 3 points below a 2-1/2 year high hit earlier in the week. The euro's rise to record highs for a second straight day dashed hopes for a seasonal respite in the dollar's long-term downward trend. The euro peaked at a new high of $1.3548 as traders took advantage of Thursday's batch of patchy U.S. economic data to sell the greenback and buy the European currency. "Momentum is once again against the dollar and the fundamental concerns about the U.S. deficits remain," said Chris Gothard, currency strategist at Brown Brothers Harriman in London. "This is going to be an issue which hurts the dollar in the new year also. Technically there's also pressure on the dollar and in a thin market there isn't much support for it," he added. The euro pushed above $1.3500 on Thursday after U.S. new home sales tumbled 12 percent in November, the sharpest decline in more than a decade, as investors mostly ignored other reports showing an improvement in U.S. durable goods orders and consumer confidence. The dollar bought around ¥103.50, little changed from late Thursday in the United States. In energy trading, Brent crude fell more than 1 percent in London as traders focused on forecasts for milder winter weather, especially in the U.S. Northeast. (For more on oil, click here). In Tokyo, the Nikkei average closed up 1.4 percent at a 2-1/2 month closing high, bolstered by Wall Street's recent run of gains and a growing consensus that Japanese stocks looked relatively cheap. Asian shares outside Japan rose to their highest level in nearly five years on Friday after U.S. stocks closed at 3-1/2 year peaks. Australian shares resumed their record-breaking rally, rising 0.6 percent. Shares rose 0.4 percent in South Korea and Taiwan, while Singapore shares were flat. Hong Kong was the only loser among major regional indexes, falling 0.3 percent. India's key share index continued a dizzying climb Friday, with the 30-share Bombay Stock Exchange index up about 1 percent. The index is up about 11 percent in 2004. For more on Asian markets,click here. Gold edged higher in quiet trading, adding 75 cents to about $442 an ounce. | |||||||
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