AFP - The euro rose Monday but European stocks were mixed as dealers brushed aside a credit downgrade for Greece and mulled the outlook for the US economy as oil prices struck 2.5-year highs.
The euro rose Monday but European stocks were mixed as dealers brushed aside a credit downgrade for Greece and mulled the outlook for the US economy as oil prices struck 2.5-year highs.The single currency rose to $1.4027 in morning London trade from $1.3979 in New York late Friday as the euro continued to win support from the prospect of a rise in eurozone interest rates.On the stock markets, London's FTSE 100 gained 0.36 percent to 6,011.80 points while Frankfurt's DAX 30 fell 0.15 percent to 7,168.36 points and in Paris the CAC 40 dropped 0.28 percent to 4,009.09 points.
The European single currency breached 1.37 dollars on Tuesday on hopes that eurozone debt woes may ease, dealers said.In morning London trade, the euro rose to 1.3727 dollars compared with 1.3648 dollars late in New York on Monday.The dollar rose to 89.71 yen from 89.28 late Monday.Reports that the debt and deficit problems of Greece, Spain and Portugal -- all of which belong to the 16-nation eurozone -- will be be high on the agenda at a key EU meeting on Thursday gave the euro a lift, traders said.
European stocks were expected to open higher on Tuesday after bouncing from significant falls last week by Monday's close, despite a downgrade of Greece's credit rating to the lowest in the world.
Asian stocks were mixed in quiet trade on Monday as dealers locked in profits from recent gains while two of the region's major markets were closed.Tokyo's Nikkei ended 0.11 percent, or 10.25 points, lower at 9,671.96 and Shanghai fell 1.51 percent, or 45.57 points, to 2,964.95.Seoul rose 0.83 percent, or 18.18 points, to finish at 2,216.00 and Singapore was 0.10 percent higher.Hong Kong, Sydney and New Zealand were shut for public holidays, while European and US markets were closed on Friday for the Easter break.