The new year rally has continued for stocks worldwide. On Monday, European shares briefly touching their highest level since mid-November, with energy producers leading the risers. Investors seemed to be responding to government’s efforts to revive the global economy.European companies that get a lot of their sales in the US rose on word that President-elect Barack Obama is seeking the equivalent of more than 220 billion euros in tax cuts as part of a massive stimulus plan. Asian shares have been strong performers since the markets there reopened after the new year holiday. The President of the Tokyo Stock Exchange said: “I believe that we are in the process of fighting back from further decline.” And Tokyo financial market worker Nami Miyazaki was upbeat. She said: “I only started working last year and faced this economic crisis which people say only happens once in a century. I hope that people will see this as a chance rather than a setback and make efforts to move the world into a better direction.” The new year rally has come despite more dismal economic news, including evidence that manufacturing in the US, Europe and China is deteriorating amid the slowdown.
Markets bounce back in 2009