Global stocks that end action-packed week solid
LONDON (AP) – Global stock markets traded at fairly narrow intervals on Friday at the end of a rather eventful week that caused oil prices to rise sharply following attacks on Saudi oil facilities and the Federal Reserve cutting interest rates again.
Although oil prices are up significantly this week, there has been a relief element in the stock markets that they did not rise even higher. Along with the Fed's decision to cut the stock price again, stock market sentiment has remained fairly positive, not least on Wall Street where both the Dow Jones industrial average and the broader S&P 500 index were not far off record highs.
has been a somewhat odd week for the stock markets, and slid back at the beginning with concerns that the sharp surge in oil prices caused by the drone strike in Saudi Arabia's oil infrastructure last weekend could put a stop to the global economy in the coming weeks and months, " said Michael Hewson, chief market analyst at CMC Markets.
"The lack of any escalation so far seems to have tempered a good proportion of this week's rise in oil prices, which has caused stock markets to recover from the lowest levels, nevertheless a great deal of concern about what may unfold over the next few days and weeks. "
In Europe, Germany's DAX rose 0.1[ads1]% to 12,470 and CAC 40 in Fr ace increased 0.4% to 5,683. Britain's FTSE 100 was 0.1% higher at 7,362. Wall Street saw modest gains on the clock with Dow futures and the broader S&P 500 futures up 0.2%.
Earlier in Asia, the Mumbai Sensex index was outstanding, closing 5.2% higher at 37,978.01 after the Treasury announced a series of tax concessions which brought the effective corporate tax rate for most domestic companies to just over 25% from 30%.
India's economy, the sixth largest in the world, has grown at its slowest pace in five years, both stymied by domestic problems and weakening global demand.
The lower tax rates will hurt revenue, but are aimed at stimulating investment and reducing declining confidence.
"The fiscal steps of the Native American government are likely to yield in nvestor interest in the subcontinent, "Jeffrey Halley of Oanda said in a comment.
"India still has a non-performing loan sponge to drain, but this is certainly a step in the right direction," he said.
Elsewhere in Asia, Japan's Nikkei 225 index rose 0.2% to 22,079.09 and the Shanghai Composite index rose 0.2% to 3,006.45. Kospi in South Korea climbed 0.5% to 2,091.52 and Australia's S&P ASX 200 increased 0.2% to 6,730.80. Hong Kong's Hang Seng was down 0.1%, to 26,432.86.
ENERGY: U.S. Benchmark crude was up 61 cents to $ 58.74 a barrel in e-commerce on the New York Mercantile Exchange. This is up 6.3% this week after the attack on a Saudi Aramco plant last weekend, which temporarily cut the country's exports by half. Brent crude, the international standard, rose 43 cents to trade at $ 64.83 a barrel.
CURRENCIES: The euro fell 0.1% to $ 1.1027 while the dollar remained stable at 107.94 yen.
