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Yahoo! My Yahoo! Mail More Yahoo! Services Account Options New User? Sign Up Sign In Help Yahoo! Search web search Home Singapore Asia Pacific World Business Entertainment Sports Technology Singapore Asia Pacific World Stock rally continues, China dampens euro pullout fears AFP - Friday, May 28 Send IM Story Print Stock rally continues, China dampens euro pullout fears Slideshow: Full Photo Coverage: Business & Economy LONDON (AFP) - – Global stock markets rose sharply Thursday, powered by Chinese assurances Beijing was not about to abandon its European bond holdings and as eurozone debt fears eased. The surge in equities was mirrored on the currency market, where the euro climbed to 1.2368 dollars from 1.2181 dollars on Wednesday. Following strong strong gains in Asia, leading European stock exchanges closed more than 3.0 percent in positive territory after China strongly denied a press report that it was reviewing its eurozone investments. The London FTSE 100 index rose 3.12 percent to close at 5,195.17 points while in Paris the CAC 40 added 3.42 percent to reach 3,525.31. The Frankfurt DAX jumped 3.11 percent and finished at 5,937.14. There were gains of 4.55 percent in Milan, 3.23 percent in Madrid and 2.23 percent on the Swiss Market Index. Thursday's spurt extended a European rally that got under way on Wednesday. "It's been another positive day's trading, and these gains, along with yesterday's 2.0 percent rally will go far to rebuild ... confidence," said analyst Joshua Raymond of CityIndex.com. "One particularly positive aspect is that the gains over the last few days have gathered momentum, ... which suggests that investors are recovering their appetite for risk." On Wall Street, the Dow Jones Industrial Average was up 1.91 percent at mid-day at 10,165.12 while the tech-dominated Nasdaq had risen 2.58 percent to 2,252.57. European market players found relief after the Spanish parliament, albeit by a single vote, approved an austerity plan aimed at warding off a Greek-style finance crisis. Analysts had warned that a defeat for the measures could have unnerved financial markets and made it even harder for Spain to borrow money to help overcome a big deficit in its public finances. Several other key eurozone members, notably Italy, Portugal and Greece, are also struggling to contain public debt and deficits that have eroded confidence in the euro, sending it plunging against the dollar, and have prompted panic selling on stock markets. Market sentiment improved markedly around the world on Thursday after Chinese authorities dismissed a report in the Financial Times that China was re-examining its debt holdings in the eurozone in light of recent financial turbulence there. The paper added that officials from China's State Administration for Foreign Exchange (SAFE) had met foreign bankers on the issue in Beijing in recent days. But the report was described by SAFE as "baseless." "China's foreign exchange reserves (agency), as a responsible long-term investor, has always held a diversified investment strategy," the agency declared. "The European market was and is one of the most important investment markets for (China's) foreign exchange reserves and will remain so in the future." On Wall Street the robust Chinese denial helped offset an unexpected downward government revision of first-quarter US economic growth and a smaller-than-expected decline in weekly initial jobless benefits claims. "China's refuting has ignited a relief rally of sorts," said analyst Patrick O'Hare of Briefing.com. "Frankly, we are surprised the market is so taken with China's reassurance." "The market, though, sees what it wants to see, and it is desperate to see good news now, so much so that it can spin something that is old into something that sounds new and invigorating," O'Hare said. The government said it had lowered its estimate of first-quarter economic growth to 3.0 percent from the prior reading of 3.2 percent. Most economists had expected a 3.3 percent expansion of the world's largest economy in the January-March period. The government also said Thursday that new US claims for jobless insurance benefits fell in the past week but remain at a relatively high level. European bond prices fell as emboldened investors opted for stocks. The yield on the benchmark 10-year German Bund widened to 2.705 percent from 2.636 percent on Wednesday. Bond yields and prices move in opposite directions. Recommend Send IM Story Print Related Articles Stock rally continues, China dampens euro pullout fears AFP - Friday, May 28 Malaysia's Sime Darby suffers first ever loss in Q3 AFP - Friday, May 28 India's Tata Motors swings into profit for year AFP - Friday, May 28 Air India gets tough on unions after strike AFP - Friday, May 28 Sony to challenge Apple in Japan with e-reader AFP - Friday, May 28 News Search Top Stories US first-quarter economic growth weaker than expected French protest as Europe implements austerity Spain approves austerity plan by one vote Oil stops gushing from Gulf of Mexico well Obama to extend ban on offshore oil drilling More Top Stories » Related Full Coverage China Economychina economy All Full Coverage » ADVERTISEMENT Most Popular Most Viewed Most Recommended Anti-HIV drugs slash risk of virus transmission by 92 percent US recovery on track despite European debt concerns Shuttle Atlantis back on Earth after final space voyage French protest as Europe implements austerity Oil stops gushing from Gulf of Mexico well More Most Viewed » Scientists stunned as grey whale sighted off Israel Hubble catches planet being devoured by its star UN fears 'irreversible' damage to natural environment Earth may be too hot for humans by 2300: study Ocean fish could disappear in 40 years: UN More Most Recommended » Elsewhere on Yahoo! 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