Global stock rally continues ahead of G-20 summit
By PAN PYLAS, AP Business Writer
55 mins ago
LONDON – The rally in world stock markets continued Friday as confidence remained buoyed by some signs of a stabilization in U.S. consumer spending and hopes of fresh stimulus packages in China and Japan.
Positive comments from Bank of America Corp.'s chief executive Ken Lewis also helped sustain the market optimism that was stoked earlier this week by buoyant comments from Citigroup Inc.'s CEO Vikram Pandit.
The FTSE 100 index of leading British shares was up 62.70 points, or 1.7 percent, at 3,774.76, while Germany's DAX rose 36.85 points, or 0.9 percent, to 3,993.07. France's CAC-40 was up 42.72 points, or 1.6 percent, to 2,736.97.
Earlier in Asia, Japan's Nikkei 225 stock average jumped 371.03 points, or 5.2 percent, to 7,569.28, and Hong Kong's Hang Seng climbed 524.27 points, or 4.4 percent, to 12,525.80.
Markets have responded positively to a raft of fairly good news this week, not least Thursday's U.S. retail sales data, which were not as bad as feared despite massive increases in the number of unemployed.
"In a world where we have all learned to fear and forecast the worst, a glimmer of good news is all it takes to change the mood," said Kit Juckes, head of credit research and market strategy at Royal Bank of Scotland.
Earlier comments from Chinese Premier Wen Jiabao and Japan's Prime Minister Taro Aso — that their governments stood ready to roll out even more measures if needed to reinvigorate growth — sustained the rally into the Asia session....