On Friday European shares remained positive after Libya halted military action. Most Asian stocks rose after reports that emergency crews may have had some success at cooling a stricken nuclear reactor in Japan, and as Group of Seven nations acted together in the foreign-exchange market for the first time in more than a decade. US futures climbed.
Libya declared a ceasefire in the country to protect civilians and comply with a United Nations resolution passed overnight, Libyan Foreign Minister Moussa Koussa said on Friday. "We decided on an immediate ceasefire and on an immediate stop to all military operations," he told reporters. "(Libya) takes great interest in protecting civilians," he said, adding that the country would also protect all foreigners and foreign assets in Libya.
The pan-European FTSEurofirst 300 index of top shares was up, having closed up 1.8 percent on Thursday.
Japanese shares jumped nearly 3 percent and the yen tumbled after the Group of Seven agreed on rare joint intervention to curb the soaring currency and calm markets jittery over Japan's nuclear power plant crisis.
The move by the G7 to support the country as Japan struggles to cope with its biggest crisis since World War Two comes a day after the yen soared to a record 76.25 in chaotic trading. Equity markets elsewhere in Asia rose after the G7 bid to stabilize global markets. The G7 decision following a teleconference surprised markets. Investors had expected Bank of Japan to intervene to rein in the rampant yen, but had not expected coordinated central bank action by the world's wealthiest countries.
The Nikkei share average rose 2.7 percent, but still closed down around 10 percent on the week, which wiped $350 billion off the stock market. The drop marked its biggest weekly slide since the 2008 global financial crisis. Trading volume was closer to normal on Friday after the frantic trading earlier this week.
This article was compiled by Valletta Fund Management Limited, a member of the BOV Group. Valletta Fund Management,
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