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European stocks advance as banks shine (AFP)
LONDON (AFP) –
Europe's leading stock markets rallied on Wednesday, with
hitting a 2009 high, as banking shares jumped and the Tokyo index closed at its highest level for seven weeks.
due on Wednesday.
Frankfurt's DAX 30 index struck 5,896.23 points in midday trading — a level last seen in late September 2008.
It later stood at 5,883.80 points, up 1.25 percent compared with Tuesday's closing level. The Paris CAC 40 gained 0.92 percent to stand at 3,869.77 points on Wednesday and London's
rose 0.63 percent to 5,319.21.
of top eurozone shares increased by 1.06 percent to 2,919.73 points.
In Asia, the
's benchmark Nikkei-225 index closed up 0.93 percent to 10,177.41 points — the highest level since
.
.
Investors welcomed a report in the Nikkei business daily that global regulators are likely to give banks more time to adapt to stricter capital requirements, reducing the need for them to sell new shares to raise funds.
Gains were capped, however, by caution over the outcome of a meeting of the US
, which sets US monetary policy, and was due to wrap up later in the day.
In Europe, banking shares also powered higher, with
winning 4.87 percent to 51.91 euros,
jumping 2.38 percent to 55.9 euros and Barclays' share price increasing by 2.60 percent to 291.95 pence.
Across the Atlantic, Wall Street stocks retreated on Tuesday with investors turning skittish in the face of mixed US economic news and as a two-day
meeting got under way.
late in the day kept the market from generating any positive momentum.
dropped 0.47 percent to close at 10,452.00 points, a day after the
's highest finish since October 2008.
lost 0.50 percent to 2,201.05 points and the Standard & Poor's 500 index shed 0.55 percent to end at 1,107.93.