European shares hit 7-year high on easing hopes

//European shares hit 7-year high on easing hopes

European shares hit 7-year high on easing hopes

By | 2015-01-19T22:14:38+00:00 January 19th, 2015|Business|0 Comments

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UBS interest rate strategist Andrew Lilley said the ECB’s next stimulus package, which is an extension of that which it has already unveiled in the wake of the financial crisis, shows “central banks are still willing to experiment but the risks of doing so can get very large.”

Despite the stronger leads, and no direction coming from the US with Wall Street closed for a public holiday, Australian shares are expected to fall when the local market resumes trading at 10am AEDT on Tuesday with the SPI Futures pointing to a 0.10 per cent fall.

The benchmark SP/ASX 200 added 0.19 per cent on Monday to 5309 points, its first gain in a week.

The Australian dollar is down against the euro and is buying 70.7 euro cents compared with 71.1 euro cents on Monday. It is, however, holding firm against its US counterpart above US82¢, slightly lower than the US82.18¢ where it was at the close of share market trading yesterday.

Nick Parson, National Australia Bank global co-head FX Strategy, said the big focus for Australia on Tuesday was Chinese economic data this morning.

“Retail sales are expected to remain relatively firm at an annual pace of 11.8 per cent, with industrial production seen steady around 7.4 per cent year on year. Overshadowing these will be the estimate for Q4 GDP which is expected to ease very modestly from 7.3 per cent to 7.2 per cent, the slowest pace of growth in over five years,” he said in a morning note to clients.

The Stoxx 50 index added 0.58 per cent to 3220.9 points on Monday, while London’s FTSE 100 added 0.54 per cent to 6588.5 points.

Switzerland’s SMI Index rebounded 3.2 percent today after posting its worst week since 2008 following the Swiss National Bank’s (SNB) surprise move to end a cap on the franc.

“When SNB looked at the wall of European money that would be washing up on their shores they said no actually, I think we’ve had enough,” said Mr Lilley.

“The SNB has highlighted to investors the fact that central banks can have inconsistent goals from one-day to another.”

Denmark, meantime, has moved to downplay speculation that it may also abandon its peg to the euro by announcing an interest rate cut, which surprised the market, in the hope of preventing the krone currency from rising.

The Danish central bank, Danmarks Nationalbank, cut its deposit rate to minus 0.2 percent, matching a record low, from minus 0.05 percent and lowered its lending rate to a record 0.05 percent from 0.2 percent.

Gold was the only major commodity to gain, up only 0.02 per cent to $US1277.3 an ounce.

“Gold has always been a safe haven and it generally performs well in times of market stress,” said BT Investment Management’s head of income and fixed interest, Vimal Gor.

Oil retreated once again, this time after news of an increase in production from Iraq which will only add to global oversupply worries.

Brent crude fell 2.75 per cent to $US48.72 a barrel, while West Texas Intermediate dropped 2.4 per cent to $US47.52 a barrel.

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