Global Shares Higher Amid Successful Debt Sales in Europe

Most stock markets in the world closed higher Wednesday after U.S president vowed to shore up its economy’s growth. It seemed that investors regained confidence in the world’s No.1 economy.


The eurozone’s bailout fund and successful debt sales by Spain boosted the region’s indexes higher. Germany\’s DAX edged up 1 percent to 7,134.69 and Britain\’s FTSE 100 advanced 0.9 percent to 5,967.25. In France’s markets, CAC-40 finished at 4,057.48, up 0.9%.


Spain auctioned euro 2.2 billion in short-term debt at much lower interest rates. According to many analysts, if Spain gets into financial troubles, it can make or break the 17-country eurozone.


Besides, financial markets became calmer when the currency union’s bailout fund succeeded in selling €5 billion in five-year bonds to fund its first contribution to the €67.5 billion rescue loan for Ireland.


In the Asian markets, Hong Kong\’s Hang Seng advanced 0.2 percent to 23,842.24. China\’s Shanghai Composite index jumped 1.2 percent to 2,708.81. Kospi index in South Korea added 1.1 percent to 2,110.46. In 2010, this fourth-largest economy in Asia expanded at fastest pace in eight years. 6.1 percent increase in GDP marked the best performance since 2002.


While indexes in Singapore, Taiwan and Indonesia rose, the Nikkei 225 stock average in Japan finished down 0.6 percent at 10,401.90. Indexes in the Philippines and New Zealand also posted losses.


The markets welcomed a slew of U.S. corporate earnings reports. Investors are expecting Fed meeting with its first interest rate decision of the year.


On Tuesday, benchmark crude for March delivery increased 50 cents to $ 86.69 a barrel in electronic trading on the New York Mercantile Exchange. In currencies, the euro increased to $ 1.3711.


Oil prices consolidated a loss of over 4 percent in less than a week, hovering near $ 87 a barrel. The decline in oil prices were driven by mixed economic news and possible increase in production by OPEC.


Economics is the study of our lives,our jobs, our homes, our families and the little decisions we face every day. Thus, I am keen on reading and studying economic issues.

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