By Andrea Tryphonides
Of DOW JONES NEWSWIRES
LONDON (Dow Jones)--European stocks rose Tuesday, hitting fresh highs for 2009 as sentiment remained bullish ahead of the New Year, although activity was sluggish in most asset classes, with volumes low all round.
The focus was firmly on the approach of 2010 as equities jumped higher after the Christmas break.
"When reading the forecasts of the big investment banks, one can only conclude that 2010 will be an easy year for investor," said Ad van Tiggelen, senior strategist at ING Investment Management. "Consensus has rarely been so strong. To summarize, 2010 will be a good year for equities, especially the first half," he said.
By 0840 GMT, the pan-European Stoxx 600 index had gained 0.2% to 253.8. London's FTSE 100 was up 0.4% at 5425.3, returning from an extended week-end break. Frankfurt's DAX had increased 0.1% at 6007.8 and Paris's CAC-40 was up 0.2% at 3953.7.
Among the key sectors, basic resources stocks led Europe higher. On Monday, copper rose to its highest price in more than 15 months in New York on speculation that demand will strengthen and drain stockpiles, although copper futures were subject to some profit taking on Tuesday. Reflecting this, spot gold was at $1105.10 per troy ounce at 0900 GMT, down $2.95 from the New York close.
In London, British Airways declined 0.4%, following its U.S. peers after the terror incident on Christmas Day. Additionally, there were press reports that the airline was looking into the possibility of abandoning its first-class service on a number of routes.
Earlier, Asian stocks were mixed Tuesday in muted holiday trade, with most markets shackled by the absence of investors taking an extended break.
Australia's S&P/ASX 200 outperformed the region with a 1.1% gain as investors there returned from their extended weekend. Japan's Nikkei 225 and Hong Kong's Hang Seng index were flat, South Korea's Kospi Composite fell 0.8% but the Shanghai Composite came off its lows to stand up 0.7%.
On Monday, U.S. stocks rose to new closing highs for the year in a thinly traded session, as gains across a host of companies including International Business Machines and 3M overcame declines in American Express and other financial stocks.
The Dow Jones Industrial Average closed up 0.3% at 10,547.1, its highest close since Oct. 1, 2008. The technology-heavy Nasdaq Composite climbed 0.2% to 2291.1 its highest close since Sept. 3, 2008 and the Standard & Poor's 500 index rose 0.1% to 1127.8, its highest finish since Oct. 1, 2008. Three S&P 500 categories ended the session in the red: financials, industrials and consumer discretionary.
Meanwhile, in the European foreign exchanges Tuesday, the euro was firmer. Indeed, its slide against the dollar in recent weeks may have gone too far, said Brown Brothers Harriman in a note, and a correction higher is looking increasingly likely.
The euro was trading at $1.4435 at 0900 GMT, up from $1.4379 in late New York business Monday. The dollar was little changed at Y91.57, down from Y91.63.
Elsewhere, February Nymex crude oil was down five cents at $78.72 per barrel amid thin volumes. Despite equities' march higher, March bund futures rose 0.08 to 121.50.
-By Andrea Tryphonides, Dow Jones Newswires; +44-20-7842-9281; andrea.tryphonides@dowjones.com
Click here to go to Dow Jones NewsPlus, a web front page of today's most important business and market news, analysis and commentary: http://www.djnewsplus.com/access/al?rnd=6U60xXwSNLFNLajFFImqkg%3D%3D. You can use this link on the day this article is published and the following day.
(END) Dow Jones Newswires
December 29, 2009 04:05 ET (09:05 GMT)
Copyright 2009 Dow Jones & Company, Inc.
DJ Currency Rates Of Coffee Producing, Consuming Countries
DJ Currency Rates Of Coffee Producing, Consuming Countries
Current Prior
Producers
Angola (Readj Kwanza) AOA 89.5 89
Bolivia (Boliviano) BOB 7.02 7.02
Brazil (Real) BRL 1.7406 1.7625
Burundi (Franc) BIF 1240.5 1239.5
Central African States XAF 454.5 455.5
Central Bank of West AfriXOF 454.5 456.065
Colombia (Peso) COP 2036.5 2047.9
Costa Rica (Colon) CRC 564.5 574.3
Cuba (Peso) CUP 1 1
Dominican Rep (Peso) DOP 36.1 36.025
Ecuador (USD) USD 1 1
El Salvador (Colon) SVC 8.7475 8.7475
Ethiopia (Birr) ETB 12.695 12.69
Guatemala (Quetzal) GTQ 8.3165 8.3115
Guinea Rep (Franc) GNF 4995 4995
Haiti (Gourde) HTG 39.75 39.75
Honduras Rep (Lempira) HNL 18.895 18.895
India (Rupee) INR 46.675 46.54
Indonesia (Rupiah) IDR 9434.5 9450
Kenya (Shilling) KES 75.9 75.75
Malawi (Kwacha) MWK 145.9925 145.9864
Mexico (Peso) MXN 12.97545 12.84425
Nicaragua (Cordoba Oro) NIO 20.8322 20.8182
Papua New Guinea (Kina) PGK 0.3789 0.3825
Peru (Nuevo Sol) PEN 2.8815 2.8821
Philippines (Peso) PHP 46.23 46.34
Venezuela (Bolivar) VEB 2147.3 2147.3
Vietnam (Dong) VND 18474 18474
Zambia (Kwacha) ZMK 4650 4655
Zimbabwe (Dollar) ZWD 356.3 354.7
Consumers
Denmark (Krone) DKK 5.1587 5.1714
European Union (Euro) EUR 1.4427 1.4393
Japan (Yen) JPY 91.66 91.51
Norway (Krone) NOK 5.772 5.7995
Sweden (Krona) SEK 7.1743 7.25605
Switzerland (Franc) CHF 1.0301 1.0355
* = The CFA Franc is the common currency of 14 African countries
which are members of the Franc zone:
XOF = Benin, Burkina, Ivory Coast, Guinea Bissau, Mali, Niger,
Senegal and Togo under the Central Bank of the West African States.
XAF = Cameroon, Central African Republic, Chad, Congo, Equatorial Guinea,
and Gabon, under the Bank of the Central African States.
All currencies are quoted in units of currency per U.S. dollar.
Source: Thomson Reuters
Click here to go to Dow Jones NewsPlus, a web front page of today's most important business and market news, analysis and commentary: http://www.djnewsplus.com/access/al?rnd=6U60xXwSNLFNLajFFImqkg%3D%3D. You can use this link on the day this article is published and the following day.
(END) Dow Jones Newswires
December 29, 2009 04:09 ET (09:09 GMT)
Copyright 2009 Dow Jones & Company, Inc.
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