Stocks in Europe and Asia edged up on further speculation that the worst is over. The charge was led by large-cap financials UBS (UBS), Royal Bank of Scotland (RBS.L), and Japan’s Mizuho Financial Group (MFG). The MSCI World Index climbed 0.7% to 1526.7 in London, its highest level since January 14. Bloomberg:
The index has gained 0.8 per cent this week. Futures on the Standard & Poor’s 500 Index rose 0.2 per cent before the U.S. government’s monthly jobs report.
“Confidence is returning,” said Mike Lenhoff, chief strategist at Brewin Dolphin Securities Ltd. in London, which has about $36 billion. “There is definitely a big change in the underlying tone of these markets. The view is that central banks have done quite a bit to help remove the destabilizing feature of the credit crisis.”
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