AMSTERDAM (AP) — World stocks rose Tuesday, and the Dow index was set to open within striking distance of its all-time high, after better than expected European economic data and China, the world’s second largest economy, pledged to meet its growth targets.
At China’s ruling Communist Party’s annual congress, outgoing Premier Wen Jiabao said the government would spend what it needs to meet the economic growth target of 7.5 percent enshrined in the latest five-year development plan.
“Asian stocks are very much on the front foot, buoyed by expectations of continuing (easy central bank monetary policies) around the globe and China maintaining its economic growth target for the year,” said analysts from Charles Stanley in a note on markets.
European markets, including bond prices, were buoyed by a sharp rise in eurozone retail sales. They grew 1.2 percent in January from the previous month, far above the 0.2 percent investors were expecting. Economists said the gain was likely fueled by post-holiday discounts and warned consumer spending is unlikely to remain that strong in coming months.
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