Around the World's Markets
Tuesday 15 September 1998
FOOTSIE SOARED 150 points to 5,268.6, inspired by New York's strong display and another round of take over activity. But it was very much a blue chip advance. Supporting shares limped behind with, for example, the small cap index up only 6 to 2,094. Many shares in the forefront of the summer retreat rebounded. Reuters, the information group, hit by worries that a worldwide share slump would lower demand for its screens, jumped 42p to 479p with Warburg Dillon Read saying buy. Derek Pain, page 23
STOCKS SURGED for a second day, led by drug companies and banks, amid optimism that President Bill Clinton would not be forced out of office.
The Dow Jones Industrial Average stood at 7991.92, up 195 points by 4.30pm BST as Citicorp and other financial companies gained after falling as much as 50 per cent in the past eight weeks.
The dollar reversed last week's slide, rising against most major currencies. Independent Counsel Kenneth Starr's report, released Friday, contained few surprises.
STOCKS ROSE on hopes that the government's offer to tighten restrictions on any public funds given to banks will help break the political stalemate on the banking bills that are seen as a key to pulling Japan out of its worst recession in five decades. The benchmark Nikkei 225 climbed 2.23 per cent to 14,227.37.
The opposition parties, which object to the use of taxpayers' money, responded coolly to the latest proposals, as the government refused to drop plans to use public funds to bail out the Long-Term Credit Bank of Japan.
THE BENCHMARK CAC-40 index closed up 136.47 points, or 3.8 per cent, at 3,714.81 as Wall Street rose in early trading. Technical buying also supported the index as investors picked up stocks that had fallen to attractive levels.
Banks led the gainers after heavy losses last week, but low volumes showed that investors have not returned to the market conclusively. Worries about Russia diminished after Russia's prime minister pledged to continue reforms but anxiety about Latin America continued to mount.
SHARE PRICES closed sharply higher in late Xetra trade after a volatile day's trading, with the Xetra DAX ending at 4,893.51, up 138.86.
The victory of Chancellor Helmut Kohl's Bavarian allies in weekend state polls buoyed sentiment, as it was seen to improve Chancellor Kohl's chances in elections later this month. However, dealers said Deutsche Telekom suffered on the perception that a re-elected coalition would step up the pace of telecoms' liberalisation.
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