Stock market fixing:
Nikkei 225 +262.50 +2.00% 13,430.91
Topix +20.07 +1.60% 1,280.00.
FTSE +52.60 +0.96%
5,541.80
DAX +47.98 +0.73%
6,609.63
CAC +46.64 +1.04%
4,538.49
Dow +48.03 +0.41% 11,782.35
NASDAQ +25.85 +1.07%
2,439.95
S&P +9.00 +0.69%
1,305.32
10yr Note +0.5200 +0.132%
4.002%
NYMEX Crude Oil -0.75
-0.65% 114.45
Gold -36.50 -4.22% 828.30
Japan's stocks rose, sending the
benchmark index to the highest in almost three weeks, after
crude oil traded near a 14-week low and a drop in the yen boosted the earnings outlook for
manufacturers.
Sumitomo Rubber Industries Ltd., which sells Dunlop and Falken-branded tires,
jumped the most in more than six months. Fuji Heavy Industries Ltd., the maker
of Subaru cars, climbed to a one-year high after the yen weakened to a near a
seven-month low. Hoya Corp., the nation's largest maker of optical glass,
soared after profit beat analyst estimates.
Sumitomo Rubber added 6.4%, the most since Jan. 25, while Toyo Tire &
Rubber Co. soared 6.2%. Bigger rival Yokohama Rubber Co. gained 3.3%.
Mitsubishi Chemical Holdings Corp. rose 5.7%, the most since February 2007. Synthetic
rubber maker Zeon Corp. leapt 10%, the sharpest jump since Jan. 17. Fuji Heavy
rose 6.9%, the highest close since July 2007. Nissan Motor Co. advanced 4.3%,
while Honda Motor Co., which gets more than half its sales from North America, jumped 4.6%, the most since July 22.
European stocks rose to the highest
since June as investors speculated carmakers will benefit from the stronger
dollar and oil's drop to a 14-week low buoyed the profit outlook for airlines
and retailers.
Bayerische Motoren Werke AG climbed to a two-week high after Merrill Lynch
& Co. said the dollar's rally last week will help ``reduce margin
headwinds.'' Ryanair Holdings Plc, Europe's
biggest discount airline, and Marks & Spencer Group Plc advanced for a
second day. UBS AG, the European bank hardest hit by the subprime contagion,
jumped the most in four days after keeping its earnings guidance following a
settlement in the U.S.
A retreat in commodity prices last week and better-than- expected earnings from
Societe Generale SA and Royal Bank of Scotland Group Plc helped lift the Stoxx
600 to its first weekly gain this month. Still, the index has lost 20% this
year on concern accelerating inflation and credit losses approaching $500
billion will stifle profit growth.
BMW jumped 4.5%. The company derives more than a fifth of its sales from
America
Hochtief AG gained 6%. Germany's
biggest construction company relies on the Americas for 43%.
Ryanair jumped 3.7%. Marks & Spencer, the U.K.'s largest clothing retailer,
advanced 5.9%.
UBS added 5.4%.
Stocks cut their gains Monday afternoon, but the broader market remained in positive territory as lower oil prices reassured investors for the second session in a row.
Stock movers: Tech led
the way, with Amazon.com, Apple and Google among the big gainers.
Amazon.com
gained 9.4% after Citi Investment Research said it will probably sell twice as
many Kindle electronic book readers this year as Citi initially thought it
would.
Citi
upgraded Qwest Communications to "buy" from "hold," saying
that the company is due for a restructuring that should improve returns to
shareholders. Qwest shares gained 6% and topped the New York Stock Exchange's
most actives list.
Retail
stocks jumped on bets that lower fuel costs will boost consumer spending.
American
Express, AT&T, Citigroup, Home Depot and General Motors were the Dow's
biggest gainers.
Verizon
Communications said it reached an agreement Sunday with two unions that
represent 65,000 workers, averting a potential strike. The three-year contract
gives workers pay increases and changes in retirement benefits. Shares gained
2%.
Waste
Management boosted its unsolicited bid for rival Republic Services to $37 per
share, or $6.73 billion, from the original offer of $34 per share. Republic
rejected that offer last month.