Reuters: US Dollar Report: GLOBAL MARKETS-Stocks buoyant as quarter ends, eyes on EU meeting

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GLOBAL MARKETS-Stocks buoyant as quarter ends, eyes on EU meeting Mar 30th 2012, 07:23 By Jeremy Gaunt LONDON, March 30 | Fri Mar 30, 2012 3:23am EDT LONDON, March 30 (Reuters) - World stocks rose with Europe up more than half a percent on Friday, picking up gains at the end of the quarter and with investors eyeing a boost to the euro zone's bailout resources that ministers are expected to sign off on later in the day. The dollar was at a one-month low against major currencies. The FTSEurofirst 300 gained nearly 0.6 percent, helping lift MSCI's all-country world index 0.4 percent for an 11 percent first-quarter gain. Despite the strong quarter, sentiment across asset classes has turned bearish since mid-March due to fears of a slowdown in growth centred around China, and the conviction that a huge injection of central bank money may only be a panacea for Europe's debt troubles. Euro zone finance ministers meet in Copenhagen on Friday and are likely to agree to almost double their financial backstops temporarily in a move that should help protect Italy and Spain from debt crisis contagion, although Germany favours a smaller increase. The dollar hit a one-month low against a basket of currencies, dragged down by heavy selling against the British pound and extending losses from earlier in the week following dovish comments on U.S. monetary policy and softer economic data. The dollar index fell to 78.727, its lowest level since March 2. Euro zone bond prices were steady to higher. As well as the Copenhagen meeting, investors were awaiting details of Spain's budget to see if the government will be able to deliver the deep cuts market players say are needed to get the country back on a sustainable fiscal path. Link this Share this Digg this Email Reprints

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