European shares at five year highs

Tuesday, 14 May 2013 00:00 - - {{hitsCtrl.values.hits}}

Reuters: A strong Dollar hit oil and gold prices on Monday, left German Government bonds near their lowest level in a month and kept European and Asian shares at five-year highs.

The dollar’s recent strength looked unlikely to wane after Tokyo escaped direct criticism of its aggressive monetary easing program at the Group of Seven meeting over the weekend.

As it hit a 4-1/2 year high of 102.14 Yen and climbed to US$ 1.29 to the Euro, Brent oil prices slipped to US$ 103.16 a barrel. The dollar’s strong performance also took the shine off gold, which typically serves as an alternative to the US currency. Spot gold fell as much as 1.5% to a low of US$ 1,426.40 an ounce.

The economic opportunities from stronger US currency also gave European shares a boost. Already at five-year highs, the continent’s top shares on the FTSEurofirst 300 index started the week up 0.2%, while London’s FTSE 100, Paris’s CAC-40 and Frankfurt’s DAX gained between 0.1 and 0.2%.

In the bond market, benchmark German Bund futures hovered at 144.71, near their lowest in more than a month, after a sell-off last week on upbeat economic data in the Euro Zone and the United States and the dollar’s sharp rise against the yen.

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