Spanish stock market closes higher

Madrid, Feb 23 (IANS) The Spanish stock market index Ibex 35 rose 2.35 percent on Monday to close at 8,387 points, up from the 8,194.20 points of Friday.

ArcelorMittal shares led rises climbing 7 percent, followed by Banco Popular, Sacyr, Banco Santander, Caixabank and Repsol that rose 5.25 percent, 5.15 percent, 5 percent, 4.43 percent and 4.42 percent respectively, Xinhua news agency reported.

Indra A shares rose 0.28 percent as well as FCC, Abertis A, Iberdrola and Ferrovial that rose 0.44 percent, 0.60 percent, 0.67 percent and 0.82 percent respectively, while on the other hand, IAG shares fell 1.67 percent.

Meanwhile, Spain’s risk premium closed at 148.60 points, slightly below the 150.40 points of Friday closing time, and Spain’ s 10-year bond interest rate stood at 1.67 percent, showing no differences when compared with Friday.

Germany’s benchmark DAX index closes higher

The benchmark DAX index at Frankfurt Stock Exchange on Monday went up by nearly 200 points and closed at 9,573.59 points.

Oil prices hiked and the exchange rate of euro plunged, which contributed to the recovery of the DAX index, according to local analysts. The blue-chip DAX index added 185.54 points, or 1.98 percent, Xinhua news agency reported.

The two utilities companies RWE and E.ON led the risers’ list, up by 5.63 percent and 5.3 percent. Thyssenkrupp rose by 4.82 percent. Volkswagen advanced by 4.21 percent. Deutsche Bank climbed by 3.95 percent.

Deutsche Lufthansa and adidas lost 0.48 percent and 0.1 percent respectively.

Bayer was the most traded share of the day with a turnover of around $245.81 million.

US stocks surge as oil rebounds

 The US stocks ticked up in the morning session on Monday, as a strong rebound in oil prices boosted Wall Street sentiment.

By midday, the Dow Jones Industrial Average surged 214.08 points, or 1.31 percent, to 16,606.07. The S&P 500 gained 24.55 points, or 1.28 percent, to 1,942.33. The Nasdaq Composite Index leapt 61.90 points, or 1.37 percent, to 4,566.33, Xinhua news agency reported.

Oil prices traded sharply higher around midday Monday, with the US oil surging about 7 percent, as the International Energy Agency said the US shale oil production was expected to fall by 600,000 barrels per day (bpd) this year and another 200,000 bpd in 2017.

On Friday, oil prices suffered big losses after government data showed a rise in the US crude stockpiles.

Also, the market got support following a broad-based rally in global stock markets.

In Asia, Chinese shares regained the 2,900-point mark on Monday, following the appointment of a new regulator head on Saturday. The benchmark Shanghai Composite Index surged 2.35 percent to close at 2,927.18 points.

European equities also traded sharply higher buoyed by the solid gains in commodity prices.

On Friday, the US stocks closed mixed after wavering in a tight range, as investors digested the country’s consumer price data amid a plunge in oil prices.

Tokyo shares open higher

Tokyo shares opened the trading Tuesday higher following overnight gains in the US equity market and the rise in oil prices.

At 9.15 a.m., the 225-issue Nikkei Stock Average gained 184.66 points, or 1.15 percent, from Monday to 16,295.71, Xinhua news agency reported.

The broader Topix index of all First Section issues on the Tokyo Stock Exchange jumped 12.86 points, or 0.99 percent, higher to 1,312.86.

Chinese shares open mixed

Chinese stocks opened mixed on Tuesday, with the benchmark Shanghai Composite Index down 0.05 percent, at 2,925.71 points.

The smaller Shenzhen index opened 0.03 percent higher at 10,374.36 points, Xinhua news agency reported.

The ChiNext Index, tracking China’s NASDAQ-style board of growth enterprises, gained 0.01 percent to open at 2,245.75 points.

Chinese yuan drops against dollar

The central parity rate of the Chinese currency renminbi, or the yuan, lost 108 basis points to 6.5273 against the US dollar on Tuesday, according to the China Foreign Exchange Trading System.

In China’s spot foreign exchange market, the yuan is allowed to rise or fall by 2 percent from the central parity rate each trading day, reports Xinhua.

The central parity rate of the yuan against the US dollar is based on a weighted average of prices offered by market makers before the opening of the interbank market each business day.

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