June 19, 2013
European shares rise on China move, Greek hopes
Shares gained on Monday as China's move to beef up banking activity supported optimism for global growth and as Greece edged closer to securing a bailout, though rising oil prices weighed on the recovery hopes.
The FTSEurofirst 300 index of top European shares was at its highest level since early August, up 0.5 percent as resource companies benefited from expectations that China's policy action would boost demand for commodities.Wall Street was closed today due to the President's Day holiday.
Japan's Nikkei average jumped above its 1-year moving average, boosted by China's move to stimulate growth by cutting the amount of cash banks must hold in reserve but ended short of 9,500, a level where domestic investors are keen to lock in profits.
The benchmark Nikkei climbed 1.1 percent to 9,485.09, breaching its one-year moving average near 9,427 and at point it climbed as high as 9,549.31.