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Stocks rise on euro hopes.
Stocks rise on euro hopes
BY GORDON ISFELD, POSTMEDIA NEWS OCTOBER 21, 2011
Markets Friday were focused on a meeting of European leaders to take
place Sunday in Brussels. "Today will be all Europe, everything Europe,"
John Brady, senior vice president at MF Global in Chicago, told Reuters.
"It is all about the summit this weekend."
North American markets rose early Friday as European leaders showed some
signs of resolving the region's sovereign debt crisis, while two
bellwether U.S. companies posted strong quarterly profits and commodity
prices rebounded from the previous day's losses.
France and Germany said in a joint statement that European leaders would
discuss a solution to the crisis at a Sunday in Brussels.
"Today will be all Europe, everything Europe," John Brady, senior vice
president at MF Global in Chicago, told Reuters. "It is all about the
summit this weekend."
A second meeting of European leaders was expected to take place
Wednesday, when proposals could be adopted.
Toronto's benchmark S&P/TSX composite index rose 137.55 points, or 1.16
per cent, to 11,967.88.
In the commodities markets, oil futures were trading around $87.57 U.S. a
barrel, up $2.27 U.S. from Fridays close. Gold gained $30.60 U.S. an
ounce to $1,643.50 U.S..
The Canadian dollar was up 40 basis points to 98.92 U.S. cents.
The loonie gained after Statistics Canada reported the country's core
inflation rate jumped in September to the highest level in more than
three years, prompting speculation Canada's central bank may begin
raising interest rates sooner than expected.
The core inflation reading, which strips out volatile items such as food
and energy, was 2.2 per cent on an annual basis, up from 1.9 per cent in
August. Economists had forecast a core rate of two per cent. The
September increase is the largest year-over-year gain since December
In the U.S., the Dow Jones industrial average climbed 139.94 points, or
1.21 per cent, to 11,681.72 and the Nasdaq composite index added 25.24
points, or 0.97 per cent, to 2,623.86.
Before the start of trading, General Electric Co. reported third-quarter
profits that were in line with analysts' expectations, while Honeywell
International posted better-than-expected earnings and raised its profit
Overseas markets were higher on Friday. The FTSE 100 index in London was
up 66.44 points, or 1.23 per cent, to 5,451.12 by midday. Frankfurt's DAX
had gained 129.42 points, or 2.24 per cent, to 5,895.90 and the Paris CAC
was up 52.12 points, or 1.69 per cent, to 3,136.19.
"Our perspective is that as time progresses the markets are going to
realize there is not going to be a quick resolution to Europe, and these
17 member states of the eurozone are going to make incremental progress,"
Oliver Pursche, president at Gary Goldberg Financial Services in Suffern
in New York, told Reuters.
In Asia, the Nikkei index in Tokyo closed at 8,678.89, down 3.26 points,
or 0.04 per cent. Hong Kong's Hang Seng index finished at 18,025.72,
gaining 42.62 points, or 0.24 per cent.
In North American markets on Thursday, the S&P/TSX fell 19.17 points, or
0.16 per cent, to 11,830.33. The Dow Jones gained 37.16 points, or 0.32
per cent, to 11,541.78, while the Nasdaq slipped 5.42 points, or 0.21 per
cent, to 2,598.62.
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