Europe Markets End Higher on Stimulus Measures
European equity markets finished higher. In London, the Financial Times-Stock Exchange 100 index gained 122.90 points, or 2.42%, to 5,193.30, in a carryover of Monday's gains on the perception the Bank of England may cut interest rates to bolster the economy.
In France, the CAC 40 was up 114.47 points, or 2.64%, to 4,455.76. In Germany, the DAX index climbed 70.30 points, or 1.52%, to 4,689.62, amid reports from three German states that consumer costs fell in October. The government there also was debating tax cuts and more spending to bolster the economy.
Canada's benchmark TSE 300 finished lower along with the broader market after making another attempt to jump over its 50% recovery mark of 6929 measured from the Sept. 11 to Sept. 21 sell-off.
The Bank of Canada's unexpected 75 basis point rate cut helped interest rate sensitive stocks in morning trading. Financials lead the charge up but faltered later. Although tech stocks also participated in the early rally, a defensive posture took over ahead of bellwhether JDS Uniphase's earnings annoucement after the bell on Thursday.
Asian markets surged higher to close with substantial gains. The Nikkei climbed 296.15 points, or 2.80%, to 10,861.56. In Hong Kong, the Hang Seng jumped 422.30 points, or 4.31%, to 10,219.84.