Equity bulls dismiss firmer dollar and further retreat in oil prices
Global stock markets started the holiday-shortened week on a positive note yesterday, with equity bulls shrugging off the firmer tone of the dollar and a renewed retreat for oil prices. Hopes of further stimulus measures in China offered support, along with optimism that any US interest rate increases would be gradual. By midday in New York, the S&P 500 was up 1.1% at 2,082, recouping some of last week's 2.3% decline, as a fresh burst of M&A activity helped lift biotechnology stocks. Across the Atlantic, the FTSE Eurofirst 300 index rose 1.2%, led by the technology and carmaking sectors, while the Xetra Dax in Frankfurt rose 1.8% to retake the 12,000 level. In Tokyo the Nikkei 225 rose 0.7% per cent, while the Shanghai Composite added 2.6% to reach its highest in seven years.
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