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Positive stress tests lift sentiment in global equities

Monday 26th July 2010

Asian markets rose and the euro extended gains on Monday as better than expected stress tests and strong US earnings boosted investor sentiment.

Only seven of 91 banks, five small Spanish banks, Germany’s state-rescued Hypo Real Estate and Greece’s ATEbank, failed the stress tests, with an overall capital shortfall of €3.5 billion, much stronger than the €30 billion predicted.

US stocks rose about 1% on Friday as GE shares jumped after the conglomerate increased its quarterly dividend by 20%, the latest in a string of bullish news from big US multinationals which continued to spread confidence in Asian trading.

The euro gained 0.2% in early Asian trade, after the bank stress tests boosted the single currency on Friday after the results were published by the CEBS.

In early Monday trading in London RBS and Lloyds rose 2.1% and 1.9% respectively after falling on Friday due to the uncertainty of the results of the stress tests. In addition, banks who did not receive any government intervention rose with Barclays adding 3.3% and HSBC gaining 0.1%.

If you would like to know more about how this news affects you investments, or would like to know more about current investments avilable to you, please contact us.

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