Defense minister attends elite special forces exercise in Northwestern Region    Saudi Arabia to showcase culinary heritage at Taste of Paris 2025    Saudi Arabia fines eight foreign trucks for illegal goods transport in April    Saudi Arabia releases updated GDP data highlighting expanded non-oil sector contribution    PIF announces pricing of $1.25 billion international sukuk offering    GAMI is organizing Saudi pavilion at Athens International Defense and Security Exhibition    Businesses count costs as India and Bangladesh impose trade restrictions    Israel fires largely controlled after mass evacuations    Donald Trump looms large over Australia's election    Trump ousts Waltz as national security adviser, nominates him for UN post    Saudi economy posts 2.7% growth in 1Q 2025    New Parkinson's Pump therapy introduced at King's College Hospital London in Dubai First-of-its-kind treatment offers a new lease on life for the youngest Parkinson's patient in the UAE and MENA region    King Charles sends heartfelt message to fellow cancer patients    Al Nassr crash out as Kawasaki Frontale reach AFC Champions League Elite final    HR Ministry approves regulations for job ads and interviews in private sector    Saudi Transplant Congress discusses scientific advancements and innovations on organ donation and transplantation    Al Ahli stun Al Hilal to reach AFC Champions League Elite final    SR200,000 reward for each player of the Saudi club winning AFC Champions League title    William and Kate celebrate anniversary on Isle of Mull    Duran leads Al Nassr past Yokohama Marinos into AFC Champions League Elite semi-finals    Pakistani star's Bollywood return excites fans and riles far right    Veteran Bollywood actor Manoj Kumar dies at 87    Bollywood actress vindicated over boyfriend's death after media hounding    Grand Mufti rules against posting prayers and preaching in mosques on social media    Exotic Taif Roses Simulation Performed at Taif Rose Festival    Asian shares mixed Tuesday    Weather Forecast for Tuesday    Saudi Tourism Authority Participates in Arabian Travel Market Exhibition in Dubai    Minister of Industry Announces 50 Investment Opportunities Worth over SAR 96 Billion in Machinery, Equipment Sector    HRH Crown Prince Offers Condolences to Crown Prince of Kuwait on Death of Sheikh Fawaz Salman Abdullah Al-Ali Al-Malek Al-Sabah    HRH Crown Prince Congratulates Santiago Peña on Winning Presidential Election in Paraguay    SDAIA Launches 1st Phase of 'Elevate Program' to Train 1,000 Women on Data, AI    41 Saudi Citizens and 171 Others from Brotherly and Friendly Countries Arrive in Saudi Arabia from Sudan    Saudi Arabia Hosts 1st Meeting of Arab Authorities Controlling Medicines    General Directorate of Narcotics Control Foils Attempt to Smuggle over 5 Million Amphetamine Pills    NAVI Javelins Crowned as Champions of Women's Counter-Strike: Global Offensive (CS:GO) Competitions    Saudi Karate Team Wins Four Medals in World Youth League Championship    Third Edition of FIFA Forward Program Kicks off in Riyadh    Evacuated from Sudan, 187 Nationals from Several Countries Arrive in Jeddah    SPA Documents Thajjud Prayer at Prophet's Mosque in Madinah    SFDA Recommends to Test Blood Sugar at Home Two or Three Hours after Meals    SFDA Offers Various Recommendations for Safe Food Frying    SFDA Provides Five Tips for Using Home Blood Pressure Monitor    SFDA: Instant Soup Contains Large Amounts of Salt    Mawani: New shipping service to connect Jubail Commercial Port to 11 global ports    Custodian of the Two Holy Mosques Delivers Speech to Pilgrims, Citizens, Residents and Muslims around the World    Sheikh Al-Issa in Arafah's Sermon: Allaah Blessed You by Making It Easy for You to Carry out This Obligation. Thus, Ensure Following the Guidance of Your Prophet    Custodian of the Two Holy Mosques addresses citizens and all Muslims on the occasion of the Holy month of Ramadan    







Thank you for reporting!
This image will be automatically disabled when it gets reported by several people.



Earnings optimism boosts stocks, euro
Published in Saudi Press Agency on 08 - 07 - 2010

World stocks rose on Thursday while the euro hit a two-month peak against the low-yielding dollar on rising expectations the forthcoming earnings season would show strong corporate performance, according to Reuters.
Wall Street posted its best one-day gain in about six weeks on Wednesday after financial company State Street said quarterly earnings would far exceed expectations, providing a lifeline to investors after several weeks of dismal economic reports.
"The U.S. had a good solid day yesterday ... There is a feeling earnings are going to be better than expected," said Stephen Pope, chief global equity strategist at Cantor Fitzgerald. The MSCI world equity index rose 0.7 percent to a 1-1/2 week high. The Thomson Reuters global stock index also rose 0.7 percent.
According to Thomson Reuters data, quarterly earnings of S&P 500 companies are expected to rise 27.1 percent in the second quarter after surging 58.3 percent in the first quarter.
The FTSEurofirst 300 index gained nearly 1 percent, led by Danish shipping and oil conglomerate A.P. Moller-Maersk, which rallied 6 percent after the company upgraded its earnings guidance for the full year.
Emerging stocks rose more than 1 percent.
OIL TOPS $75
The oil price jumped to a one-week high above $75 a barrel on an industry report showing U.S. crude inventories plunged last week, stock market gains and hopes global economic recovery is still intact.
"The fear over a double-dip recession or something more dramatic has eased a little bit from a month ago," said Yingxi Yu, Singapore-based commodities analyst with Barclays Capital.
"Market sentiment remains a very important driver. Oil really follows equity markets and other risky assets."
The bund futures fell 16 ticks, having hit a two-week low earlier in the day.
Improving risk appetite pushed the euro to a two-month high of $1.2687, extending its strong run after hitting a four-year low of $1.1876 in early June.
The next focus for the market is the European Central Bank, which holds a news conference at 1230 GMT after its monthly meeting.
It is expected to face pressure to say whether Europe-wide stress tests on banks will be tough enough to convince markets of their worth.
The dollar hit a two-month low against a basket of currencies, before erasing losses into the European session.


Clic here to read the story from its source.