The European indexes rose Thursday in anticipation of the extraordinary meeting of central bank governors and finance ministers of the G-7 in conjunction with the nuclear crisis in Japan. Stoxx Europe 600 is increased to 1.76 percent to 267 points after Wednesday closed at its lowest level for the year because of concerns about the situation in Japan and lowering the credit rating of Portugal. On Wednesday, indexes in Frankfurt, Paris and London also fell to their lowest levels for 2011. The shares of Siemens AG rose above 4% after UniCredit raised the rating of the company. The European markets were also supported by a strong start on Wall Street after the announcement of the better weekly data on unemployment in the U.S. and growth of consumer prices for February. The attention of investors in the U.S. and Europe remained transfixed on the development of nuclear crisis in Japan. The financial leaders of the G-7 will talk later today to discuss the situation around the nuclear power plant in the breakdown Fukoshima.
“The European indexes doing drunk to recover losses from the last 6 days, supported by the G-7, which will discuss measures to calm the market,” said Stephen Pope, director of Spotlight Ideas.
“I do not accept that what last Thursday were good companies with sound prospects suddenly do not cost a penny,” he said.
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The crude oil prices rose sharply to their highest levels since 2008, and gold continued to become more expensive for the sixth straight day, going over 1400 dollars an ounce for the first time in seven weeks. The occasion is the expansion of civil unrest in the Middle East and North Africa. Escalating violence in the third-largest oil producer in Africa – Libya made several major oil companies to suspend their operations in the country and to evacuate their foreign staff. The shares in European and Asian companies operating in the Middle East, fell heavily in today’s session. Stock markets in the U.S. will be closed for national holiday. U.S. light crude for delivery in April, rising by 4.2 percent to 93.49 dollars a barrel in electronic trading on the New York Petroleum Exchange today. Brent crude, meanwhile, dealt with an increase of 2.4% to nearly 105 dollars a barrel, its highest price level for the past two years. The gold, meanwhile, rising by 1% to 401.60 dollars an ounce as investors sought refuge in it against the backdrop of political uncertainty in the Middle East and North Africa. Earlier today the price of gold for delivery in April jumped to 1,404 dollars an ounce. The silver hand rose to 33.5175 dollars per ounce, exceed 33 dollars for first time in 30 years.
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The price of crude oil has taken up during today’s e-commerce in Asia and losing his series broke the previous five sessions. Energy input has made its lowest price level since the beginning of the year yesterday, and fell below $ 70 a barrel, which tempted some market participants. The price of U.S. light crude rose by 0.8 percent to 70.64 dollars a barrel during electronic trading today after the session ended yesterday with a fall of 1.53 dollars to 70.08 dollars per barrel, which is lower price level for the past five months, announced Bloomberg. Feedstock for energy fell slightly to 69.27 dollars a barrel yesterday because of the strong appreciation of the dollar caused by lower risk appetite of investors. U.S. currency rose to 1.2335 dollars per euro, noting its highest level against the euro over the past four years. Brent with delivery in July, meanwhile, a more expensive one percent to 75.85 dollars a barrel in today’s electron hours trading on the London Petroleum Exchange. Oil futures dropped by 2.83 dollars or 3.6 percent, to finish yesterday’s session at a level of 75.10 dollars a barrel.
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The yield on corporate bonds goes up for the fourth consecutive quarter that has not happened since 2004, cited by Bloomberg. Their return will be increased by 2.6 percentage points in the first quarter of this year after record profits by 16% in 2009. The increase was the largest since the U.S. bank Bank of America Merrill Lynch results statistics for return on corporate bonds. Rally of the debt markets worldwide to enhance the appearance of first signs of recovery in the economy. As a result, companies worldwide have issued debt for 730 million dollars in this quarter, which is 25% more than the same period of 2009 interest rates in the U.S. and many developed economies fell near zero a year ago, and this has led investors to seek riskier assets and bring them higher returns. In this week showed that sales of high-risk corporate bonds rose to a record 38.9 billion dollars within the first three months of the year. These are corporate debt securities rated below Baa3 by the system of Moody’s.
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