Market Buzz: Breathing easier
Russian markets are likely to open higher Tuesday amid eased concerns over debt-troubled Europe, while investors are also keeping an eye on the upcoming address of the US Federal Reserve chief Ben Bernanke.
Russian trades finished on the positive territory Monday amid positive news from Europe. The MICEX added 1.25% and the RTS advanced 2.4%. European stocks rallied Monday, closing on a four-month high after German Chancellor Angela Merkel’s government said it supported the ECB’s bond-purchasing program in order to lower borrowing costs for Spain and Italy. The Stoxx Europe 600 rose 0.5%. Spain’s IBEX 35 jumped 4.4% and the Italian FTSE MIB advanced 1.5%.US markets rose Monday as concerns on the European debt crisis eased after Angela Merkel’s announcement. Better-than-expected earning reports from Best Buy and Regions Financial also supported the indices. The Dow Jones and the S&P 500 both rose 0.2%, while the Nasdaq advanced 0.7%.Asian stocks advanced Tuesday, amid fresh hopes that European authorities would brace up to support the region’s weaker economies. The Japanese Nikkei advanced 0.7%. Australia’s S&P/ASX 200 climbed 0.4% and Hong Kong’s Hang Seng rose 0.3%. Meanwhile South Korea’s Kospi inched 0.1% and the Shanghai Composite traded flat.
