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Journalism of Courage
Stocks rebounded in Europe and Asia on Tuesday after robust Japanese data reassured investors about global growth prospects and oil prices pulled back from their 21-year highs. The yen pushed higher against the dollar but the euro slipped across the board after a survey of optimism among investors and analysts in Germany fell more than expected. European stocks bounced from Monday’s 2004 lows, supported by the firmer close in Tokyo. The FTSE Eurotop 300 index was up 0.38 percent and the narrower DJ Euro STOXX 50 index 0.32 percent. Japanese GDP grew a real 1.4 per cent in the first quarter, beating forecasts. In Tokyo, the Nikkei average rose 1.96 per cent after falling more than three percent to a three-month closing low on Monday.
Oil prices paused as some players took profits on the run-up to 21-year highs on fears supplies could not meet demand. US Light crude was down 35 cents a barrel at $41.20, off Monday’s intra-day peak of $41.85, the highest since futures were launched on the New York Mercantile Exchange in 1983. Brent crude for June was down 32 cents at $37.59. —(Reuters)
