Britain’s FTSE 100 rose 1.2 percent to 5,787.34. Germany’s DAX was up 2.3 percent to 6,814.44 and France’s CAC-40 rose by 1.8 percent to 6,814.87, buoyed by news over the weekend that Japan was making progress in its battle to control radiation leaks at a nuclear complex that was severely damaged in the country’s worst-ever earthquake.
Oil prices soared to $103 per dollars, after the the situation in Libya got worse with Qadhafi promising a long war.
The markets in Asia also did fine. Japan’s Nikkie index was closed for a public holiday. Even though news from People’s Bank of China will raise the bank reserve requirement ratio by half a percentage point on March 25 Hong Kong’s Hang Seng rose to 22,685.22, up by almost 1.7% . The hike, the third this year and intended to cool lending and inflation, did not rattle markets.
Chinese property stocks listed in Hong Kong rose strongly, including China Overseas Land & Investment Ltd., up 3.8 percent, and China Vanke Co. Ltd. up 3.9 percent. On the mainland, the Shanghai Composite Index rose 0.1 percent to 2,909.14.
The world bank has estimated 5 years for japan to come out of this destruction that caused $235 billion and 18,000 people in damage.
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