The FTSE 100 bounced back 2.2% yesterday to close at 5,312 after positive news from Dubai about restructuring its debt.
Commodities performed well, with precious metals miner Fresnillo the top performer, up 7.5%, Xstrata adding 6.3%, and the rest of the sector seeing good gains. Energy stocks were also up, with BG Group rising 2.4%, BP 2.1% and Royal Dutch Shell 2%.
Banks were mainly positive, headed by RBS, up 3.3%. But Lloyds was one of the day's few fallers, losing 1.8%.
Subscribe to MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE
Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Read the latest stock market news and charts here.
Europe
In Europe, the Paris CAC 40 rose 96 points to 3,776; and the German Xetra Dax was 150 points higher at 5,777.
US
In the US, the Dow Jones gained 1.2% to 10,471; the S&P 500 rose 01.2% to 1,108; and the Nasdaq Composite added 1.4% to 2,175.
Asia
In Japan, the Nikkei 225 rose 0.4% to close at 9,608; while the broader Topix index added 0.1% to 858. In China, the Shanghai Composite index and the CSI 300 both gained 1% to 3,269 and 3,597 respectively.
Commodities
Brent spot was trading at $78.63 early today, and in New York, crude oil was at $78.04. Spot gold was trading at $1,212 an ounce, silver was at $19.13 and platinum was at $1,486
Currencies
In the forex markets this morning, sterling was trading against the US dollar at 1.6616 and against the euro at 1.1009. The dollar was trading at 0.6628 against the euro and 87.21 against the Japanese yen.
UK news
And today, the Bank of England's chief economist, Spencer Dale, says Britain's economy is recovering from recession. Speaking to the Essex branch of the Institute of Directors this morning, he said: "The economy appears to have turned. There is a range of evidence ... that the economy has begun to stabilise and that we are likely to be moving into a period of renewed expansion."
-
Christmas at Chatsworth: review of The Cavendish Hotel at BaslowMoneyWeek Travel Matthew Partridge gets into the festive spirit at The Cavendish Hotel at Baslow and the Christmas market at Chatsworth
-
Tycoon Truong My Lan on death row over world’s biggest bank fraudProperty tycoon Truong My Lan has been found guilty of a corruption scandal that dwarfs Malaysia’s 1MDB fraud and Sam Bankman-Fried’s crypto scam
