Stocks Rise to Four-Week High, Bonds Rebound, Metals Up
Stocks Rise to Four-Week High, Metals Advance.
Chris Ratcliffe/Bloomberg
Factory production in the U.K. grew at a record pace in the third quarter.
Factory production in the U.K. grew at a record pace in the third quarter. Photographer: Chris Ratcliffe/Bloomberg
Sept. 6 (Bloomberg) -- Philippe Gijsels, head of research at BNP Paribas Fortis Global Markets, talks about his investment strategy. He speaks on Bloomberg Television's "On The Move" with Francine Lacqua. (Source: Bloomberg)
Sept. 6 (Bloomberg) -- Rhett Kessler, who helps manage about $1 billion at Pengana Capital Ltd. in Sydney, talks about his investment strategy for Australian stocks. Kessler also discusses the outlook for Reserve Bank of Australia monetary policy and the U.S. economy. He speaks with Susan Li on Bloomberg Television. (Source: Bloomberg)
Sept. 6 (Bloomberg) -- Mark Konyn, chief executive officer of RCM Asia Pacific Ltd., talks about the outlook for China's stock market and economy. Asian stocks rose, driving the MSCI Asia Pacific Index higher for the fourth consecutive day, as better-than-estimated jobs data in the U.S. eased concern that global economic growth is faltering. Konyn also discusses emerging market stocks and the Hong Kong dollar's peg to the U.S. He speaks with Rishaad Salamat on Bloomberg Television. (Source: Bloomberg)
Asia Stocks Climb to 4-Week High, Asia Debt Protection Falls
Michele Tantussi/Bloomberg
Samsung, Asia’s biggest maker of chips, flat screens and mobile phones, gained 2.5 percent as Asian and European shares rose.
Samsung, Asia’s biggest maker of chips, flat screens and mobile phones, gained 2.5 percent as Asian and European shares rose. Photographer: Michele Tantussi/Bloomberg
Asia Stocks Gain, Debt-Default Protection Falls on U.S. Jobs
Thomas Lee/Bloomberg
Advances were limited by a 2.7 percent slump in Hon Hai Precision Industry Co., the world’s largest contract manufacturer, after Chairman Terry Gou cut the company’s long-term growth target.
Advances were limited by a 2.7 percent slump in Hon Hai Precision Industry Co., the world’s largest contract manufacturer, after Chairman Terry Gou cut the company’s long-term growth target. Photographer: Thomas Lee/Bloomberg
Global stocks rose to a four-week high and industrial metals rallied amid growing optimism about the prospects for economic growth. European bonds rebounded from three days of losses.
The MSCI World Index of shares in 24 developed markets climbed 0.4 percent at 5 p.m. in New York, where exchanges were closed for the Labor Day holiday. Standard & Poor’s 500 Index futures advanced 0.1 percent in Chicago. Brazil’s Bovespa index advanced. German bunds and U.K. gilts rose, while copper and nickel gained and oil fell.
“People have to recognize we’re not facing economic Armageddon,” Mark Tinker, global equity-portfolio manager in London for Axa Framlington, which oversees $30 billion, said on Bloomberg Television’s “Start Up” with Maryam Nemazee.
Factory production in the U.K. grew at a record pace in the third quarter, the Engineering Employers Federation said today. The Group of 20 nations are confident that there’s a “moderate recovery under way globally,” John Lipsky, first deputy managing director of the International Monetary Fund, said yesterday. The S&P 500 Index rose 3.75 percent last week as a series of economic reports eased concern the U.S. is sliding back into a recession.
E.ON, RWE
The Stoxx Europe 600 Index advanced 0.2 percent as almost two shares gained for every one that declined. E.ON AG and RWE AG, Germany’s biggest utilities, climbed 1.8 percent as Chancellor Angela Merkel agreed to extend the life of the nation’s nuclear power plants.
GN Store Nord A/S rallied 8 percent in Copenhagen after a tribunal awarded the world’s biggest maker of mobile headsets about 2.2 billion kroner ($380 million.)
German 10-year bonds advanced for the first day in four as yields close to the highest level in three weeks attracted investors to government debt. The yield on the 10-year bund fell 2 basis points to 2.34 percent after reaching 2.37 percent last week, the most since Aug. 19. U.K. 10-year gilt yields declined 2 basis points, to 2.98 percent.
Technology stocks paced gains in the MSCI Asia Pacific Index, which climbed 1.6 percent to 121.86. Samsung Electronics Co., Asia’s biggest maker of chips, flat screens and mobile phones, gained 2.5 percent after saying it may invest 30 trillion won ($26 billion) in 2011.
Emerging Market Stocks
Futures on the S&P 500 expiring this month rose 0.1 percent in Chicago. Private U.S. payrolls that exclude government jobs increased 67,000 in August, after a revised 107,000 jump in July, the Labor Department said Sept. 3.
The MSCI Emerging Markets Index rose for a fourth day, adding 0.8 percent. The Jakarta Composite Index reached a record level while benchmark equity indexes in China, India, Dubai and Hungary increased more than 1 percent. China’s yuan appreciated to the strongest level since Aug. 19 as Larry Summers, head of President Barack Obama’s National Economic Council, met in Beijing today with the head of the Communist Party’s organization department, leading to speculation China’s central bank will allow more gains.
Nickel led increases on the London Metal Exchange, rising 2.5 percent to $22,150 a ton on declining inventories, while copper advanced 0.8 percent to $7,709 a ton.
The Brazilian real and the New Zealand dollar rose against the U.S. currency as signs of improvement in the world economy encouraged investors to take on increased risk. The dollar weakened 0.4 percent against the kiwi and the real. The euro was little changed at $1.2884.
To contact the reporter for this story: Paul Sillitoe in London at psillitoe@bloomberg.net.
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