Global Wrap: European Shares Up After G20
LFB Forex
Published Dec 31, 0000 07:00PM ET
Updated Sep 07, 2009 06:27AM ET
Global Wrap:
European Shares Up After G20
Current Futures: Dow +38.00, S&P +5.10, NASDAQ +8.00
European markets continue to trade for a second consecutive day in the green on Monday as investors consider that the global economy is heading towards recovery.
Equity markets opened higher on Monday, following the G20’s pledge to maintain the stimulus packages until there are clear signs that the global economy has fully recovered and it is on the path toward recovery. Asian markets have closed the day up close to 1.3%, and the major indexes in Europe advanced more than 1% even from the first few hours of trading.
The best performing company in Europe was the beverages manufacturer Cadbury, which surged 40% after the company rejected a $16.7 bid from Kraft Foods Inc. The company executives said that Kraft Foods Inc offer is too small compared to the fundamental value of the company. Moreover, following today’s 40% surge, Cadbury shares are trading at a higher price than the one offered by Kraft Foods, £0.745 versus £0.795.
Most companies advanced in Europe, but so far, the trading volume has been light. The U.S. session will be closed today, in observation of the Labor Day.
In the commodity market, the trading session has been flat, with oil and gold moving within a small range. For the fourth consecutive day, oil is trading within the $67.10-$68.80 side-ways channel, while gold, is trading near the $997 area, where it had topped on Thursday and Friday.
Overnight, the U.K. FTSE gained 59.04 points (1.22%) to 4,910.74, while the German Dax added 69.24 points (1.29%) to 5,453.67.
Crude oil for October delivery was recently trading at $68.40 per barrel, higher by $0.40.
Gold for October delivery was recently trading lower by $0.50 to $996.20.
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Written By: LFB Forex
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