European stocks rose Thursday, with basic resources issues
posting big gains, as investors cheered strong Japanese economic growth figures and solid Australian employment data. Amidst such a moving session, the FashionUnited Top 100 Index closed yesterday at 1,275.63, losing 1.94 points on its way.
"The global economy is in recovery mode. Growth has reverted to the pre-crisis rates in nearly all major countries and blocs of the global economy," said Credit Suisse in a note. "As things stand, we think that global goods demand and production momentum--the key driver of investor risk appetite, in our view--is already setting itself up to run at a higher rate in the first half of 2011," it added.
In the U.S., investors are watching for the release of initial jobless claims data, particularly after last week's surprise jump in claims, said Credit Agricole CIB. "The data will give clues as to whether this was a mere aberration or more worryingly a change in trend," it said. In Asia, stock markets ended mostly higher Thursday, with shares in Sydney powering to a four-week high after the strong employment report. However, the China market was hobbled by concerns about an imminent rate hike from Beijing, after the People's Bank of China halted the sale of three-year bonds.