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Desember 23, 2009

tutup buku 2009, senyum maseh menempel n LEBAAAAR : 231209

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Stocks Climb on Evidence Global Economy Recovering; Oil Gains
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By Michael Patterson

Dec. 23 (Bloomberg) — Stocks rose around the world, driving Europe’s Dow Jones Stoxx 600 Index to a 14-month high, on evidence that the global economy is recovering from its recession. Oil and copper advanced.

The MSCI World Index of developed-nation shares climbed 0.3 percent at 12:10 p.m. in London. Futures on the Standard & Poor’s 500 Index added 0.4 percent and the MSCI Asia Pacific Index increased 0.5 percent. Oil gained as much as 0.6 percent in New York, while the dollar traded near a three-month high versus the euro.

U.S. consumer spending probably rose in November for the sixth time in seven months as households took advantage of holiday discounting, economists said before reports today. China’s growth may surge to as much as 12 percent next year, according to Citic Securities Co., the nation’s biggest listed brokerage. Consumer confidence in Italy unexpectedly rose in December to the highest in more than seven years after Europe’s fourth-biggest economy emerged from a recession.

“The path of least resistance will continue to be to the upside,” Robert Doll, who helps oversee about $3.2 trillion as chief investment officer for global equities at New York-based BlackRock Inc., said in a Bloomberg Television interview. The economic recovery “means earnings should be somewhat better and liquidity should still be plentiful. That’s a recipe for equities moving higher,” Doll said.

Final Rally

The Stoxx 600 rose for a third day, adding 0.6 percent to reach its highest level since October 2008. Michael Page International Plc, the U.K.’s second-largest recruitment company, climbed 2.5 percent in London after UBS AG lifted its recommendation on the stock. Today is the last full day of trading in Europe before the Christmas holiday.

The Bombay Stock Exchange Sensitive Index rose 3.2 percent, the steepest gain among world equity gauges, after India’s Finance Minister Pranab Mukherjee said the economy may accelerate at a faster pace. Exporters led by Tata Consultancy Services Ltd. rallied as higher-than-estimated existing U.S. home sales yesterday added to evidence that demand is picking up in the world’s largest economy.

The gain in U.S. futures indicated the S&P 500 may advance for a fourth straight day. U.S. consumer purchases increased by 0.7 percent for a second consecutive month, according to the median estimate of 72 economists surveyed by Bloomberg News. The report may also show incomes grew by the most in six months. Confidence and new-home sales probably also climbed, other reports may show.

Waning Volatility

The VIX index, the benchmark for U.S. stock volatility, slipped below 20 yesterday for the first time since August 2008, signaling this year’s rally in equities has quelled demand for protection against market swings.

China’s Shanghai Composite Index rebounded from a seven- week low, advancing 0.8 percent. The nation’s central bank reaffirmed plans to keep a “moderately loose” stance for 2010 and to restrict credit for industries with excess capacity, in its final policy statement for the year. OPEC Secretary-General Abdalla Salem El-Badri said yesterday emerging-market countries such as China are becoming increasingly important for the group, which produces 40 percent of the world’s oil.

Crude oil for February delivery rose as much as 47 cents to $74.87 a barrel in electronic trading on the New York Mercantile Exchange. Copper for delivery in three months climbed 1.1 percent to $6,953 a metric ton on the London Metal Exchange.

Kiwi Drops

The dollar traded within half a cent of its strongest level against the euro since Sept. 4. New Zealand’s currency dropped 0.5 percent to the weakest level in more than three months against its U.S. counterpart after the nation’s economy expanded at half the pace economists forecast. The pound declined 0.2 percent to $1.5958 after minutes from the last Bank of England meeting showed policy makers voted unanimously not to boost asset purchases.

Government bonds were little changed, with the yield on the U.S. 10-year note falling 1 basis point to 3.74 percent, near the highest level since Aug. 13, as the Treasury prepared to announce the size of its auctions for next week. The yield on the 10-year German bund, Europe’s benchmark government security, climbed 3 basis points to 3.29 percent.

Declines in Treasuries yesterday drove the yield on the 10- year note to 49 basis points more than bunds, the widest spread since July 2007. It was at 45 basis points today.

The cost of insuring European corporate bonds against default fell to the lowest level since May 2008, with the Markit iTraxx Crossover Index of credit-default swaps on 50 companies with mostly high-yield credit ratings dropping 4.5 basis points at 439, according to JPMorgan Chase & Co. prices at 9:30 a.m.

The Markit iTraxx Europe Index of 125 companies with investment-grade ratings fell 0.75 basis point to 75, meaning it costs 75,000 euros a year to insure 10 million euros of debt against default for five years.

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