03 June 2010

Global Stocks Surge

Stock markets around the world surged today, as investors ploughed into riskier assets. The US dollar and the Japanese yen took the knock while currencies like the Australian dollar enjoyed gains.

The main reason for the global surge was better-than-expected US housing data, which was greeted with cheers from investors. Now, the positive sentiment looks set to be rounded off with another round of good data on Friday, as US jobs figures are announced.

As ever there are warnings that the market sentiment may not last. The euro, while enjoying the renewed interest, could still be on a widely downward trend say currency strategists.

But for now, investors are enjoying a rousing day. Will tomorrow bring more of the same?

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