Tuesday, May 22, 2012

Global shares gain on reports of action over EU crisis....Well for at least 2 hours

(Reuters) - World shares and key commodities such as oil and copper gained for a second day on Tuesday on speculation that European leaders would agree on fresh action to tackle the region's debt crisis, and on reports China plans measures to boost sagging growth.

The FTSE Eurofirst .FTEU3 index of top European shares was up 1 percent at 984.29 points in early trade, extending a recovery from five-month lows hit on Monday, with miners such as Rio Tinto (RIO.L) and BHP Billiton (BLT.L) leading the gains.

MSCI's global equity index .MIWD00000PUS rose 0.5 percent to 302.89 for a gain of about 1.7 percent from lows hit last week, when investors, responding to talk of a possible exit by Greece from the euro zone, shunned riskier assets. Read More

..................2 Hours later

Euro falls as hopes dim of EU summit progress

(Reuters) - The euro fell on Tuesday as skepticism grew that an informal meeting of European leaders would yield much progress in tackling the debt crisis, with worries about Greek politics and Spanish banking problems expected to keep the currency weak. Read More