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Shares rise on renewed optimism | Shares rise on renewed optimism |
(8 minutes later) | |
European and Asian shares have risen strongly while Wall Street built on Tuesday's gains, after the latest signs of US economic recovery. | European and Asian shares have risen strongly while Wall Street built on Tuesday's gains, after the latest signs of US economic recovery. |
The UK's FTSE 100 index achieved its highest close for almost a year, rising 1.6% to close at 5124.1 points. | The UK's FTSE 100 index achieved its highest close for almost a year, rising 1.6% to close at 5124.1 points. |
Shares on Wall Street continued their rise thanks to better-than-expected industrial production data. | Shares on Wall Street continued their rise thanks to better-than-expected industrial production data. |
By the middle of the trading session in New York, the Dow Jones index was 0.8% higher at 9,761.5 points. | |
The Dow has risen in seven of the past eight days - if only modestly - and is at its highest level in 2009. | |
US monthly trade deficit figures - which narrowed in May, but then widened in June and July - have also been seen by analysts as a signal that the US recession was nearing its end. | US monthly trade deficit figures - which narrowed in May, but then widened in June and July - have also been seen by analysts as a signal that the US recession was nearing its end. |
But there have been warnings that investors should not get too carried away while money is still being pumped into stimulus packages, which flatter the economy. | |
"The valuations today are such that I feel that the markets are very much fully valued," said Michala Marcussen at Societe Generale Asset Management. | |
"The real question is what happens when we pull away the stimulus, which we will at some point." | |
The FTSE's rise was mirrored across the rest of Europe. In Paris the Cac 40 was 1.6% higher and Frankfurt's Dax closed up 1.3%. | The FTSE's rise was mirrored across the rest of Europe. In Paris the Cac 40 was 1.6% higher and Frankfurt's Dax closed up 1.3%. |
The main Australian share index had earlier closed up 2.2%, while Hong Kong's Hang Seng added 1.8% and India's Sensex advanced 0.8%. | The main Australian share index had earlier closed up 2.2%, while Hong Kong's Hang Seng added 1.8% and India's Sensex advanced 0.8%. |