Global stocks strode higher on Friday, capping their best week since a
record surge last November, as optimism that ailing U.S. banks are on the mend
eased investor fears and snuffed the safe-haven appeal of government debt and
the dollar.
The benchmark S&P 500 index jumped 10.7 percent this week, its third best weekly gain since World War Two. This week's surge came after a new bear market low on March 6, and the record followed the previous low set in late November.
Stocks around the world as measured by MSCI's all-country stock index also posted their best week since late November, up about 8.4 percent for the week.
News this week that Citigroup, Bank of America and JPMorgan were all profitable in January and February boosted both U.S. and European banking shares.
The KBW banking index gained 37 percent, and the DJ Stoxx European banks rose 18.1 percent over the week.
To read more, double-click on the square brackets below:
MARKET REPORTS: > GLOBAL MARKETS-World stocks up, oil down on OPEC report > MONEY MARKETS-Dollar costs ease but TED spread widens > EMERGING MARKETS-Mexico leads Latam markets higher again > COMMODITIES-Gold, copper up, most other markets lower
MAIN ECONOMIC AND FINANCIAL NEWS DRIVING GLOBAL MARKETS > G20 backs boost for IMF funds, pledges more reform > Obama plays down G20 rift, reassures China > US soon to offer details on plan to buy bank assets > US FASB says will discuss mark-to-market rule Monday > US SEC to discuss uptick rule April 8th > Berkshire Hathaway CDS trade like Turkey's > US trade gap narrows, consumers slightly less grim > IIF backs bad bank idea, pushes for emerging market aid > World Bank head says stimulus alone won't fix economy
ANALYSIS RELATED TO CREDIT CRISIS > G20 may buoy market sentiment but fiscal split a worry > Fed needs success in ambitious consumer loan program > Financial expertise wanted for Citigroup board > Japan unlikely to follow Swiss intervention > Whither corporate bonds? Market at a turning point > Hedge funds to suffer further in scramble for cash > Investors fume at US mortgage policy favoring banks > Bet on US Treasuries falling proves a winning one > Risk wary markets look for joined up G20 steps
FACTBOXES: > G20 policymakers statement > G20 statement on financial system > Text of BRIC countries joint communique > Central banks turn to new measures to help economies > US faces potential $10.9 trln economic rescue bill > Where has all the US bailout money gone - > US mortgage modification plan eligibility > Federal Reserve statement on launching TALF > Joint US Treasury/Federal Reserve statement on AIG > AIG's progress on asset sales > Text of US Treasury announcement on Citigroup > White House U.S. budget forecasts > Obama lays out domestic economic agenda > Latin American refinancing needs, options > How the financial crisis is affecting Eastern Europe
Keywords: CREDITCRISIS/TAKEALOOK (New York Treasury Desk +1-646-223-6300) COPYRIGHT Copyright Thomson Reuters 2009. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.
The benchmark S&P 500 index jumped 10.7 percent this week, its third best weekly gain since World War Two. This week's surge came after a new bear market low on March 6, and the record followed the previous low set in late November.
Stocks around the world as measured by MSCI's all-country stock index also posted their best week since late November, up about 8.4 percent for the week.
News this week that Citigroup, Bank of America and JPMorgan were all profitable in January and February boosted both U.S. and European banking shares.
The KBW banking index gained 37 percent, and the DJ Stoxx European banks rose 18.1 percent over the week.
To read more, double-click on the square brackets below:
MARKET REPORTS: > GLOBAL MARKETS-World stocks up, oil down on OPEC report > MONEY MARKETS-Dollar costs ease but TED spread widens > EMERGING MARKETS-Mexico leads Latam markets higher again > COMMODITIES-Gold, copper up, most other markets lower
MAIN ECONOMIC AND FINANCIAL NEWS DRIVING GLOBAL MARKETS > G20 backs boost for IMF funds, pledges more reform > Obama plays down G20 rift, reassures China > US soon to offer details on plan to buy bank assets > US FASB says will discuss mark-to-market rule Monday > US SEC to discuss uptick rule April 8th > Berkshire Hathaway CDS trade like Turkey's > US trade gap narrows, consumers slightly less grim > IIF backs bad bank idea, pushes for emerging market aid > World Bank head says stimulus alone won't fix economy
ANALYSIS RELATED TO CREDIT CRISIS > G20 may buoy market sentiment but fiscal split a worry > Fed needs success in ambitious consumer loan program > Financial expertise wanted for Citigroup board > Japan unlikely to follow Swiss intervention > Whither corporate bonds? Market at a turning point > Hedge funds to suffer further in scramble for cash > Investors fume at US mortgage policy favoring banks > Bet on US Treasuries falling proves a winning one > Risk wary markets look for joined up G20 steps
FACTBOXES: > G20 policymakers statement > G20 statement on financial system > Text of BRIC countries joint communique > Central banks turn to new measures to help economies > US faces potential $10.9 trln economic rescue bill > Where has all the US bailout money gone - > US mortgage modification plan eligibility > Federal Reserve statement on launching TALF > Joint US Treasury/Federal Reserve statement on AIG > AIG's progress on asset sales > Text of US Treasury announcement on Citigroup > White House U.S. budget forecasts > Obama lays out domestic economic agenda > Latin American refinancing needs, options > How the financial crisis is affecting Eastern Europe
Keywords: CREDITCRISIS/TAKEALOOK (New York Treasury Desk +1-646-223-6300) COPYRIGHT Copyright Thomson Reuters 2009. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.