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Morning Market Update: Bulls Bouncing Back

Global markets rebounded overnight as investors regained confidence after economic data and reports indicated that the global economy can withstand tapering of Fed stimulus.

In London, the FTSE 100 added 92 points (+1.5%) to close trading at 6308 while the German DAX put on 25 points to finish at 7984.

U.S. stocks rose, with the S&P 500 rebounding from its first monthly loss since October, as reports showing improved manufacturing from Japan to the U.S. bolstered confidence in the global economy.

The S&P 500 rose by nine points (+0.5%) to settle at 1615 while the Dow Jones climbed by 65 points (+0.4%), to 14975.

Gold prices advanced the most in nine weeks as demand for coins, bars and jewelry rebounded following the record quarterly plunge.

Gold futures for August delivery rose 2.6% to settle at $1,255.70 on the Comex in New York.

Crude oil rose, snapping last quarter’s decline, amid concern than mass protests against President Mohamed Mursi of Egypt, the largest Arab nation, might spread and affect Middle Eastern oil supply.

Oil for August delivery was at $97.51 a barrel in electronic trading on the New York Mercantile Exchange, up 95 cents.

The yen fell to a the lowest in more than three weeks against the greenback as the central bank’s Tankan survey showed large manufacturers were the most optimistic in two years, damping demand for safety.

The Reserve Bank of Australia will release its monthly Cash Rate and RBA Rate Statement reports at 2:30 pm today.

Morning Market Update: Bulls Bouncing Back is a post from: Australian Stock Report Market Pulse Blog