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You Are Here: Home » Africa/International » European, U.S. Stock-Index futures rise
European and U.S. stock futures climbed and Asian shares advanced on speculation Japan will unveil a $154 billion economic stimulus package amid growing signs the worst of the global recession may be over.
Komatsu Ltd., the second-biggest maker of earthmoving equipment, jumped 6 percent as a document obtained by Bloomberg News said Japan’s Liberal Democratic Party will propose spending about 3 percent of gross domestic product to revive the world’s second-largest economy. ING Groep NV, the largest Dutch financial-services firm, may gain after saying it plans to raise as much as 8 billion euros ($10.6 billion) selling businesses.
The MSCI World Index has risen 22 percent since March 9 on speculation the U.S. Federal Reserve’s plan to buy Treasuries and bonds backed by mortgages and Treasury Secretary Timothy Geithner’s pledge to finance the purchase of toxic assets will pull the global economy out of its first recession since World War II. A report today showed Japanese machinery orders unexpectedly climbed in February.
“All the measurements taken by the governments and central banks will bear fruit,” said Roger Groebli, Singapore-based head of financial market analysis at LGT Capital Management. “We really believe that the worst is over,” he said in a Bloomberg Television interview.
Futures on the Dow Jones Euro Stoxx 50 Index, a benchmark for the euro region, added 1.6 percent to 2,145 at 7:22 a.m. in London. The U.K.’s FTSE 100 Index is set to open 16 points higher, according to IG Markets. The MSCI Asia Pacific Index rose 3.1 percent.
Stress Tests
Standard & Poor’s 500 Index futures added 1 percent. The New York Times reported that all of the 19 U.S. banks that have been subject to government stress tests to determine their viability will pass the review. The benchmark for U.S. equities rose 1.2 percent yesterday as the Treasury said it may give Troubled Asset Relief Program funds to life insurers.
Japan’s Prime Minister Taro Aso will propose the government implement a 15.4 trillion ($154 billion) stimulus package to help revive the economy, according to a document obtained by Bloomberg News. Orders for Japanese machinery, an indicator of capital investment in the next three to six months, climbed 1.4 percent in February from January, the Cabinet Office said. The median estimate of 28 economists surveyed by Bloomberg was for a 6.9 percent drop.
Komatsu added 6 percent to 1,235 yen, extending its 2009 advanced to 10 percent.
ING Groep, Sanofi
ING Groep will probably rise. The company that tapped a government rescue fund last year expects to sell between 10 and 15 businesses “over time and as market conditions permit,” leading to proceeds of 6 billion euros to 8 billion euros. Unloading the units would allow it to free up about 4 billion euros in capital, ING said.
Sanofi Aventis SA, Europe’s third-biggest drugmaker, may move after agreeing to purchase Medley SA in a transaction that values Brazil’s third-largest pharmaceutical company at 1.5 billion reais ($680 million).
Source: Bloomberg