Asian and European Markets Rise, But On a Mixed Set of Factors

European and Asian markets cautiously positive, despite underlying weakness in many economies. Australia’s move to abolish a controversial tax on coal and iron ore mining profits boosts mining stocks, while Japan rises on statistics showing a pick-up in wage growth, though from a low base. A fall in the yen also boosts the export-focused Nikkei225 index. All eyes are now on the European Central Bank which the market hopes will announce stimulus measures at its meeting on Thursday. London rises with mining stocks and a good month for the construction industry. However, the rejection of a vast (and vastly expensive) project to build a new hub airport to the East of London in the Thames Estuary as an alternative to overcrowded Heathrow puts a damper on infrastructure hopes.