World stocks cheer Chinese growth target
Source: AP-Excite
By TOBY STERLING
AMSTERDAM (AP) - World stock markets rose Tuesday as investors applauded China's pledge to stick to growth targets for its economy, the world's second largest.
At the 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 also 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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A man checks his cell phone outside a securities firm in Tokyo, Tuesday, March 5, 2013. Stocks in Tokyo rose on hopes that the Bank of Japan, which begins a two-day meeting on Wednesday, might demonstrate a shift in monetary policy to conform to the program championed by new Prime Minister Shinzo Abe. The Nikkei 225 index advanced 0.4 percent to 11,702.46. (AP Photo/Junji Kurokawa)
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