Markets in Asia, Europe Close Higher

Devan Biswas
06 Sep, 2010
New York City

Markets in Europe closed fractionally higher and in Asia surged tracking gains in New York. Commodities closed higher in London and the dollar edged higher against the euro. Gold edged lower. Euro zone investor confidence index declined. China said the dollar is 65% of its foreign reserves.

[R]3:15 PM New York – Markets in Europe closed fractionally higher and in Asia surged tracking gains in New York. Commodities closed higher in London and the dollar edged higher against the euro. Gold edged lower. Euro zone investor confidence index declined. China said the dollar is 65% of its foreign reserves.[/R]

The European markets gained after German construction index surged in August. The IMF Chief Economist estimated weak economic growth in the U.S. and Europe. Euro-zone investor confidence declined, Finland auto sales increased but Czech retail sales declined.

U.S. markets were closed today.

The UK indexes rose after manufacturing output and orders soared in the third quarter. The UK new car registrations fell in August. Renewable Energy agreed to sell German wind farms for €39.8 million. Shire subsidiary commenced tender offer to buy Movetis.

Stocks in Japan gained more than 2% and in a 4-day rally on positive job data from the U.S. Small cars sales dominate in August as Prius made by Toyota leads domestic sales for the fifteen month in a row. Economic diffusion index falls for the first time in 2010 in August.

Stocks in Australia rallied after job ad placements in August rose. The placements climbed 2.6% in August. Woolworth plans to sell A$900 million of its retail sites and lease them back. Derivatives’ trading jumps 9% in August.

Stocks in China region rallied more than 1.8% tracking gains in the U.S. indexes after the release of jobs data. China released its foreign reserve holdings with 65% held in the U.S. dollar and 26% in the euro. PetroChina gets approval for doubling its refining capacity.

The benchmark index in India soared 1.8% tracking gains in international markets. Maruti Suzuki plans to expand production in India as the domestic market continues to expand. Tamil Nadu based temple plans to insure its gold reserves for $11 billion. Birla group plans to double its alumina capacity in Orissa.

Suzuki Motor plans to expand its automobile production in India as auto sales accelerate. Maruti Suzuki leads the market with near 50% share and the latest capacity expansion will increase India units’ production ahead of the parent in Japan.