On Friday European and Asian stocks rose and U.S. index futures gained amid growing optimism that the worst of the global recession is over.
Taylor Wimpey Plc, the U.K.’s largest homebuilder, jumped 9.7 percent after saying its British order book surged as buyers returned to the housing market. British Sky Broadcasting Group Plc, the nation’s biggest pay-television provider, increased 3.8 percent after UBS AG advised buying the shares. Canon Inc. advanced 4.2 percent as a weaker yen boosted the prospects for overseas earnings at Japanese exporters.
European shares were up in early trade, with energy and mining shares rising on strong commodities prices, banks higher, and following U.S. gains after data pointed to economic recovery.
The heavyweight banking sector helped to drive the index higher. Barclays, Commerzbank, Credit Suisse, Societe Generale and UniCredit rose 0.5-2.3 percent. Insurers were higher, helped by a positive sector note from Deutsche Bank. The broker upgraded price targets for Aviva and Axa, which rose 5.1 and 1 percent respectively. With gold slightly higher and copper slightly lower, mining shares were up.
The FTSEurofirst 300 index of top European shares was up 0.7 percent. Across Europe, Britain’s FTSE 100 and France’s CAC-40 were up 1.1 and 0.6 percent respectively; Germany’s DAX was up 0.1 percent.
Japanese stock indexes rose, led by banks after Goldman Sachs Group Inc. said the shares were undervalued. Green technology-related companies retreated amid speculation recent gains were overdone. The Nikkei 225 Stock Average added 0.9 percent as did the Topix.
U.S. shares rallied on Thursday, breaking a three-day losing streak, as data on the job market, regional manufacturing and an index of leading indicators revived hopes the recession-hit economy was stabilizing.
Back on Friday, U.S. stock futures rose, indicating the Standard & Poor’s 500 Index will trim its first weekly decline in a month, on speculation the recession is easing.
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