11 Oct 2011

Offshore markets rise

9:53 am on 11 October 2011

Stocks in the United States opened sharply higher on Monday, after Germany and France showed more commitment to shore up Europe's banks against a Greek default.

The market surge came in relatively slow trade, as much of the country is on holiday for Columbus Day.

The Dow Jones Index was up 248 points, or 2.2%, at 11,352. The Nasdaq Composite was up 62 points, or 2.5%, at 2542.

Markets in Europe rose for the fourth day. The FTSE 100 in London closed up 1.8%, the DAX in Frankfurt closed up 3% and the CAC-40 in Paris finished the day up 2%.

The Nikkei in Tokyo added 83 points to 8,605 and the Hang Seng in Hong Kong jumped 4 points to end at 17,711.

Across the Tasman, the Australian 200 Index closed up 38 points, or 0.9%, at 4201. The NZX 50 closed down 10 points, or 0.3%, at 3372.

At 8.20am on Tuesday, the New Zealand dollar was trading at 78.30 US cents, 78.57 Australian, 50 pence, 60.06 yen and 0.5742 euro. The Trade Weighted Index was at 69.13.

Brent crude oil was trading at $US111.84 per barrel and gold was trading at $US1668.09 per ounce.