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Global shares rally on German data, weak yen Dow Jones closes above 15,000 as world shares gain
(about 4 hours later)
Global shares rallied Tuesday on strong German factory data and as Japanese stocks jumped past a level last seen five years ago. The Dow Jones index closed above 15,000 for the first time as strong German factory data pushed US and European share markets higher.
Japan's Nikkei-225 index rose above 14,000 for the first time since mid-2008 as government efforts to weaken the yen boosted exporters. The Dow gained 87 points to close at 15,056. Germany's Dax also hit a fresh record, gaining 70 points to 8,182.
Germany's Dax hit a fresh record high, the FTSE 100 was up 0.6% and France's Cac 40 rose 0.7% . Earlier, Japan's Nikkei-225 index rose above 14,000 for the first time since mid-2008 as government efforts to weaken the yen boosted exporters.
Wall Street opened up 0.2% after last week's strong non-farm payrolls data. The German data boosted hopes Europe's largest economy has returned to growth.
Exporters gain London's FTSE 100 was up 0.6% and France's Cac 40 rose 0.4%.
The 3.6% rise in Japanese shares came as investors returned from a three-day weekend. The strong German factory orders also pushed the euro higher against the pound and the dollar, though it later fell back against both currencies.
"Japanese investors returned from Golden Week national holidays in buoyant mood, bidding stocks in the Nikkei 225 average to their highest since mid-2008," said Andrew Wilkinson, chief economic strategist at Miller Tabak. 'Successful' bond sale
Japanese shares have rallied since the Bank of Japan announced new measures to pump liquidity into the financial system in an effort to get the country out of two decades of deflation. Hopes of further action by central banks to boost the global economy also buoyed investors, after the Reserve Bank of Australia cut its benchmark interest rate to a record low 2.75%.
That has weakened the yen against other currencies. The Japanese currency has fallen 15% against the dollar, making exporters more competitive as their products are cheaper when sold overseas. This followed comments on Monday from Mario Draghi, head of the European Central Bank, that the ECB stands "ready to act again" if necessary, after cutting interest rates last week.
For every yen that drops against the dollar, Toyota, for example, says its annual operating profit rises by 35bn yen (£230m). The dollar was trading at 99.21 yen in afternoon trading. Market sentiment in Europe was also lifted after Portugal issued 10-year government bonds for the first time since it received a bailout two years ago, which represented a milestone in its efforts to regain investor confidence.
Orders, bank profits and bond sale Strong demand at the bond sale suggests the country is on course to exit its bailout.
Germany's Dax was 1% higher and hit a new record of 8,195 after surprisingly strong industrial orders figures for March. European Central Bank policymaker Yves Mersch called the bond issuance an "enormous success".
Yields fell to around 5.5%, lower than the 7% which is considered to be economically unsustainable for a country to repay its debts in the long term.
Bank profits
Germany's Dax hit the new record after surprisingly strong industrial orders figures for March.
Orders for goods grew 2.2% in March compared with the previous month. February's level was revised down 0.1 percentage points, but still showed a 2.2% rise.Orders for goods grew 2.2% in March compared with the previous month. February's level was revised down 0.1 percentage points, but still showed a 2.2% rise.
"Today, it is really difficult not to use superlatives for describing the latest German new orders data," said Andreas Rees, chief German economist at UniCredit Research."Today, it is really difficult not to use superlatives for describing the latest German new orders data," said Andreas Rees, chief German economist at UniCredit Research.
Elsewhere the FTSE was up after HSBC, Europe's biggest bank by market value, said profits more than doubled in the first quarter as it benefited from recent restructuring efforts, and booked less bad loans.Elsewhere the FTSE was up after HSBC, Europe's biggest bank by market value, said profits more than doubled in the first quarter as it benefited from recent restructuring efforts, and booked less bad loans.
In France, investors welcomed announcements of additional cost-cutting efforts by Societe Generale and Credit Agricole to boost their bottom line.In France, investors welcomed announcements of additional cost-cutting efforts by Societe Generale and Credit Agricole to boost their bottom line.
Market sentiment in Europe was also lifted after Portugal issued 10-year government bonds for the first time since it received a bailout two years ago, which represented a milestone in its efforts to regain investor confidence.
European Central Bank policymaker Yves Mersch called the bond issuance an "enormous success", while Foreign Minister Paulo Portas said that the bond sale was evidence that the government's economic reforms are working.
Yields fell to around 5.5%, lower than 7% which is considered to be economically unsustainable for a country to repay its debts in the long term.
US rallyUS rally
In the US the Dow Jones Industrial Average was up 15 points at 14,985 while the S&P 500 index gained a point to 1,618, or 0.07%. US markets were buoyed by some positive earnings results by accessories retailer Fossil Inc and DirecTV.
Markets were buoyed by strong jobs data last week and some positive earnings results by accessories retailer Fossil Inc and Direct TV. The Standard & Poor's 500, which broke through 1,600 for the first time on Friday after strong jobs data, continued its winning streak, gaining eight points to 1,625.
Markets were also anticipating Disney's quarterly results after the market closes. Markets were also anticipating Disney's quarterly results after the market close.
Its shares have risen in recent days after Disney's Marvel Studios raked in $174.1m during the opening weekend for "Iron Man 3" and announced a venture with Electronic Arts to develop new video games based on Star Wars themes.Its shares have risen in recent days after Disney's Marvel Studios raked in $174.1m during the opening weekend for "Iron Man 3" and announced a venture with Electronic Arts to develop new video games based on Star Wars themes.
Standard and Poor's 500 index broke through 1,600 on Friday for the first time and is up 13.5% this year. The Dow is 14.4% higher. Exporters gain
The 3.6% rise in Japanese shares came as investors returned from a three-day weekend.
"Japanese investors returned from Golden Week national holidays in buoyant mood, bidding stocks in the Nikkei 225 average to their highest since mid-2008," said Andrew Wilkinson, chief economic strategist at Miller Tabak.
Japanese shares have rallied since the Bank of Japan announced new measures to pump liquidity into the financial system in an effort to get the country out of two decades of deflation.
That has weakened the yen against other currencies. The Japanese currency has fallen 15% against the dollar, making exporters more competitive as their products are cheaper when sold overseas.
For every yen that drops against the dollar, Toyota, for example, says its annual operating profit rises by 35bn yen (£230m). The dollar was trading at 99.21 yen in afternoon trading.