World stocks, euro gain after Italy exit poll

NEW YORK Mon Feb 25, 2013 9:25pm IST

A general view with the German share price index DAX board of the German stock exchange in Frankfurt February 25, 2013. REUTERS/Lisi Niesner

A general view with the German share price index DAX board of the German stock exchange in Frankfurt February 25, 2013.

Credit: Reuters/Lisi Niesner

Related Topics

Stocks

   

NEW YORK (Reuters) - World stock indexes rose and the euro leaped against the dollar on Monday as investors cheered exit poll results from Italy's weekend election that showed the pro-reform Democratic Party was in the lead.

U.S. Treasury yields also rose.

Exit polls issued after voting closed in Italy's parliamentary election showed the center-left coalition led by Pier Luigi Bersani was leading Silvio Berlusconi's center-right bloc.

"All indications are that there will be no large surprises in the elections," said Tom Tucci, head of Treasuries trading at CIBC in New York.

The outcome of the election are expected to hold the key to whether the country's current reform program will continue uninterrupted.

Italian shares rallied and bonds gained. Italy's main FTSE MIB stock market index was up 3.4 percent.

The MSCI world equity index gained as much as 0.7 percent before pulling back slightly after three consecutive weekly losses as evidence of sluggish global growth mounted.

On Wall Street, the Dow Jones industrial average was up 31.57 points, or 0.23 percent, at 14,032.14. The Standard & Poor's 500 Index was up 3.08 points, or 0.20 percent, at 1,518.68. The Nasdaq Composite Index was up 12.12 points, or 0.38 percent, at 3,173.94.

The euro last traded at $1.3286, up 0.7 percent on the day. It hit a global session high of $1.3318 earlier in the session.

Earlier, the yen hit a 33-month low against the dollar on higher prospects of unprecedented monetary easing in Japan.

Investors also are looking ahead to testimony by U.S. Federal Reserve Chairman Ben Bernanke to Congress on Tuesday and Wednesday, in which he is expected to downplay the idea that the central bank could prematurely end its current massive monthly bond-buying program.

The benchmark 10-year U.S. Treasury note was down 2/32, the yield at 1.967 percent.

(Reporting by Caroline Valetkevitch, with additional reporting by Karen Brettell in New York and Richard Hubbard in London; Editing by Will Waterman and Dan Grebler)

FILED UNDER:
Comments (0)
This discussion is now closed. We welcome comments on our articles for a limited period after their publication.

  • Most Popular
  • Most Shared

Shares Hit Record

Sensex, Nifty rise to second consecutive record high

Sensex surges 500 points on BOJ easing, L&T gains

The BSE Sensex and Nifty surged to record highs for a second consecutive session on Friday after Bank of Japan's surprise expansion of its massive stimulus programme raised hopes for additional foreign inflows, boosting blue-chips such as Larsen & Toubro.  Full Article 

REUTERS SHOWCASE

Wilful Negligence?

Wilful Negligence?

SEBI piles pressure on Sahara to sell overseas hotels  Full Article 

Indian Economy

Indian Economy

India's fiscal deficit in H1 almost 83 pct of full-year target.  Full Article 

M&M Earnings

M&M Earnings

M&M Q2 net profit down 4 percent, hit by poor monsoon.  Full Article 

Ban on E-Cigs?

Ban on E-Cigs?

Govt considers ban on e-cigarettes, sale of single smokes.  Full Article 

Commodities

Commodities

Silver futures in India hit four-year low on global cues.  Full Article 

BOJ Policy

BOJ Policy

BOJ shocks markets with surprise easing as inflation slows.  Full Article 

Shadow Banking

Shadow Banking

China's shadow banking sector growing rapidly, third largest in world - FSB.  Full Article 

Reuters India Mobile

Reuters India Mobile

Get the latest news on the go. Visit Reuters India on your mobile device  Full Coverage