Markets got a shot in the arm yesterday from better-than- expected Chinese trade data and US retail figures which suggested that the global economy may be improving.
Stocks with exposure to the eurozone also benefited from hopes that the continent will finally get to grips with its financial problems at a summit starting later this week, with Barclays up 2 per cent at 236.9p. The FTSE 100 index added 12.3 points at 5,805.6.
Colin Cieszynski, a senior analyst at CMC Markets, said: “While European indices have been staging a relief rally, the main action has been in debt markets where Greece’s treasury yield has fallen 0.6 per cent – that’s a lot for one day – while Italy’s yield remains below 5 per cent.”
Standard Chartered was in demand after being named as a top pick by analysts at Citi, with shares up 34p at 1,461.5p. Better-than-expected results from CitiGroup itself in the US also helped the banking sector, despite it having to write down the value of its retail brokerage business by £2.9 billion.
But Royal Bank of Scotland couldn’t join the party after the collapse of its deal to sell 316 branches to Santander. Its shares fell 1 per cent at 268.1p.
Tullow Oil was slightly higher after it said it would look for oil in Greenland through a partnership deal with Maersk. It bought a 40 per cent stake in the Tooq licence, helping shares add 11p at 1,415p.
NEW YORK: US stocks rebounding from last week’s losses after Citigroup’s earnings and retail sales sharply exceeded expectations.
The Dow Jones industrial average gained 95.38 points or 0.72 per cent at 13,424.23. The S&P 500 added 11.54 points, or 0.81 per cent, to close at 1,440.13.
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Weather for Edinburgh
Tuesday 21 May 2013
Temperature: 7 C to 17 C
Wind Speed: 13 mph
Wind direction: North west
Temperature: 3 C to 12 C
Wind Speed: 23 mph
Wind direction: West