Global stocks rise as BoJ launches latest round of stimulus
Global stocks climbed after new stimulus measures from Japan’s central bank highlighted the lengths policymakers are willing to go in a bid to shore up the world economy.
- The Stoxx 600, Europe’s composite index, rose 1.7 per cent in early Monday trading.
- London’s FTSE 100 gained 1.7 per cent.
- Frankfurt’s Dax rose 2.4 per cent.
- The BoJ said it would quadruple its limit on corporate debt purchases to ¥20tn ($186bn).
- Futures trading pointed to gains of 1 per cent for the S&P 500 when the US market opens on Monday.
- The euro advanced 0.2% to $1.0844.
- The British pound increased 0.5% to $1.2434.
- The Japanese yen strengthened 0.3% to 107.21 per dollar.
In commodities markets, oil prices sold off on Monday after one of the most turbulent weeks in history for crude oil.
- Brent, the international benchmark, fell 3.6 per cent on Monday.
- US standard West Texas Intermediate down 13 per cent at $14.62.
- Gold turned positive with a 0.5 per cent climb at $1,731.90 an ounce.
- The precious metal last week touched $1,775 an ounce, its highest level this year.
- The yield on 10-year US Treasuries edged up 0.01 percentage point to 0.613 per cent.