Asia Stocks Rise Ahead Of Federal Reserve Meeting
BANGKOK (AP) â¿¿ World stock markets rose Tuesday as investors hoped to hear encouraging words about the U.S. economy when Federal Reserve policymakers conclude a meeting later in the day.
Benchmark oil rose to near $107 per barrel while the dollar gained against the euro and the yen.
Analysts don't expect Fed chief Ben Bernanke to announce any changes to its key interest rate, which is already close to zero, but are waiting to see if the Fed expresses confidence in the economic outlook. Recent reports suggest that the U.S. economic recovery is gaining momentum. Employers added 227,000 jobs in February, more than analysts were expecting."They will maintain loose money and a low interest rate. And I think that will help the U.S. on the way to recovery," said Francis Lun, managing director of Lyncean Holdings in Hong Kong. Still, the global economic outlook remains fuzzy. China's trade figures released on the weekend suggested the world's No. 2 economy continues to slow. On Monday, Greece implemented the biggest debt writedown in history when private investors agreed to accept big losses on their bond holdings. The move should help Greece stave off default later this month, but the country is still in a severe recession, and deep-rooted problems continue to haunt other struggling European economies. European stock markets opened higher. Britain's FTSE 100 rose 0.4 percent to 5,918.69 and Germany's DAX gained 0.8 percent to 6,953.38. France's CAC-40 added 0.7 percent to 3,514.56. Wall Street was set to gain, with Dow Jones industrial futures 0.4 percent higher at 12,946. S&P 500 futures gained 0.4 percent to 1,372.50. In Asia, South Korea's Kospi rose 1.1 percent to 2,025.04 and Hong Kong's Hang Seng added 1 percent to 21,339.70. Australia's S&P/ASX 200 climbed 1.2 percent to 4,247.60. Benchmarks in Taiwan, Singapore, mainland China and Indonesia also rose.
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