Wednesday, August 31, 2011

The August Rally Continues Thanks To Scraps Of Good News In Europe

  x You have successfully emailed the post. World markets picked up considerably in the past few hours.

Most of Asia opened lower but rallied to close flat in the Nikkei and Shanghai, and with 1.6% gains in the Hang Seng. Lower because of U.S. corporate sentiment, Japan saw a bounce when its own corporate sentiment improved.

European markets opened low but quickly rallied to 1% gains.

Bouygues SA lifted markets when it said it would buy back shares. Other small but good headlines included comments from Olli Rehn that Greek debt is on a durable declining path, a larger than expected fall in German unemployment and positive comments from the Irish finance minister.

Dow futures point to a near-100 point open.

Since August 22 the Global Dow is up 6%, but since July 22 it is down 12%.

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