Legacy signals
Legacy popularity: 650 legacy views
Reader rating
Not enough ratings yet
Aggregate average appears after enough eligible reader ratings.
European shares ended higher as euro zone finance ministers inched toward improving a rescue fund and investor confidence grew in Germany. Miners gained as metal prices rose.Richard Batty, strategist at Standard Life Investments in Edinburgh said: "Clearly the fact that finance ministers are meeting and heads of state are going to meet in March indicates that they are taking the (euro zone debt) problem more seriously than three months ago.There is some movement toward a resolution though it is a very long process. The market is giving some form of benefit of the doubt to that process."rnThe US markets are closed on a positive note overcoming weak Citigroup results and concerns circling Apple after news of Chief Executive Steve Jobs' medical leave. Shares of Apple slipped,ahead of its quarterly earnings,after the company said Jobs is taking his third medical leave since 2004.Stephen Massocca, managing director of Wedbush Morgan in San Francisco said: "To me, it seemed like the news was troubling for the company, but it's Apple, it ain't going to matter."rnThe Nikkei average was seen encouraging and got a boost from property and banking shares to edge higher on Tuesday. While few of the investors cautiously waited to see Wall Street's reaction to news that Apple Inc CEO Steve Jobs was again taking medical leave.Mitsushige Akino, chief fund manager at Ichiyoshi Investment Management said: "Banks and property shares have gained as foreign investors have piled in, then we saw some profit-taking and now they're off again, boosted by domestic retail investors. Individual investors, who now account for about rn30 percent of the market -- a very high percentage -- are pushing those stocks higher, showing that sentiment in the market is very strong." rnCentral bank buying and strong German economic data pushed the euro to a one-month high on Tuesday, though doubts bout Europe's ability to boost a sovereign rescue fund trimmed its gains in New York trade. Traders said sovereign buying has helped the euro since it fell to a four-month low.Mary Nicola, currency strategist at BNP rnParibas in New York said: "In the short-term, we're bullish on the euro and expect it to head toward $1.36 in the coming weeks. She said last week's European Central Bank inflation warning has investors betting on a euro zone rate increase sooner than previously thought. Data showing German economic sentiment at a six-month high boosted that view.Simon Derrick, head of currency research at Bank of New York Mellon said: "There are still fault lines,especially pertaining to issues about the expansion of the rescue fund. But countries like Russia and China need rnthe euro as a credible alternative currency." rnBrent oil rose on concerns about North Sea crude supplies while the resumption of Alaskan oil flows helped ease US crude prices. Robert Yawger, senior vice president, energy futures at MF Global in New York said: "Brent is leading because the premium to WTI is expected to widen again and Shell shut some production platforms and because of the attraction of Brent as it nears $100 a barrel." rnGold prices rose as strong as Asian physical demand and a weaker dollar helped the precious metal retrace some of this month's losses. Miguel Perez-Santalla, vice president of sales at Heraeus Precious Metals Management said: "Every time gold goes down, people see it as a buying opportunity, and there is a lot of good physical buying from Asia coming into the market place." rnGerman government bonds rose .European Central Bank council member Athanasios Orphanides said: "The market may have ``overreacted'' to ECB statements last week that were not ``overly hawkish. The bank may be able to stop buying government bonds if Europe’s rescue fund is empowered to purchase debt." rnThe US Treasury Market closed on a dull note on speculation the Federal Reserve won’t be swayed by signs of an accelerating recovery from carrying out record monetary-stimulus plans.Thomas Tucci, head of U.S. government bond trading at RBC Capital Markets in New York said: “Economic news has been bland, which doesn’t support new selling,and until we get economic numbers that are a strong positive, there will be no selling pressure. Ever since Bernanke spoke the market has been assured that the Fed is in no rush, and they haven’t seen any economic news that has been very supportive of higher yields.”