European, Asian Markets Advance
European markets advanced. In London, the FTSE 100 index gained 79.60 points, or 1.55%, to 5,209.10 despite reports that UK Industrial Production fell 1.2% in September. Inflation, however, remained under control. The Paris CAC 40 index advanced 115.94 points, or 2.65%, to 4,485.34. In Germany, the DAX index gained 171.80 points, or 3.75%, to 4,755.11 as the U.S. opened higher. Also, many traders are hopeful that the European Central Bank will cut interest rates this week amid published reports German unemployment is likely to increase 20,000 in October.
Asian markets closed higher. Japan's Nikkei added 63.76 points or 0.61%, to 10,447.54. In Hong Kong, the Hang Seng index jumped 244.66 points, or 2.40%, to 10,430.72.
Canada's benchmark TSE 300 got off on a bullish start. New Economy bellwhether stock Cisco's earnings after the bell wwill be critical in setting the tone for tech stocks going forward. A positive forward guidance will have positive spillover effect. The market is also gearing up for more interest rate cuts.
Canada's benchmark TSE 300 index posted another strong close, up 55.3 points, or 0.79%, to 7079.3. Friday's bullish reversal and close at the high of the week did argue for a positive start. Rallies in the U.S. Dow and Nasdaq were strong supports.