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Market Update

World Markets Advance on Central Bank Expectations

Author: Nichole Harper
Last Update: 12:22 PM ET November 24 2014

12:20 PM New York – U.S. and European market indexes advanced and built on gains of last week. Crude oil, gold and copper traded with a negative bias. Markets in Europe gained after a private survey showed improved business climate in Germany.

Market indexes across Atlantic extended gains after investors put faith in central banks for additional stimulus steps.

Investors added stocks on the belief that the European Central Bank will follow through with additional steps after comments from the European Central Bank president that the inflation needs to be accelerated soon.

Also, unexpected rate cut from the People’s Bank of China also helped sentiment in Asian trading.

On Wall Street trading, Tollbooth Index extended record level and increased 0.3% or 30.14 to 9,990.48.

S&P 500 index edged up 3.02 or 0.1% to 2,066.52 and the Nasdaq Composite Index increased 23.59 or 0.5% to 4,736.56.

Retailers we in focus after the National Retail Federation estimated holiday sales to increase 4.1%, ahead of 2.9% average in the last one decade.

The average gasoline price at the U.S. pumps declined to the lowest level since November 5, 2010, according to a private survey of 2,500 stations across the nation. The survey was conducted by Lundberg Survey Inc.

Retail gasoline prices are down 41.01 cents from a year ago month and the average price across the nation is down to $2.8416 a gallon, a drop of 10.05 cents in the two weeks ended November 21.

U.S. Movers

RenaissanceRe Holdings Ltd (RNR) slumped 2.5% or $254 to $98.92 after the Bermuda-based reinsurance service provider agreed to buy reinsurer rival Platinum Underwriters Holdings Ltd for about $1.9 billion.

Visa Inc (V), the electronic payment service provider may have to pay as much as $10 billion if the company wants to acquire the namesake network in Europe, according to a regulatory filing with the SEC.

European Markets

German market index led the gainers in Europe after a private survey conducted by the Ifo Institute showed business climate index increased to 104.7 in November from 103.2 in October.

In London trading, FTSE 100 index slid 0.05% or 3.64 to 6,747.12 and in Frankfurt the DAX index increased 0.8% or 74.90 to 9,807.45.

In Paris, CAC 40 index gained 0.8% or 33.08 to 4,380.31.

Aviva Plc, the U.K.-based insurer agreed to acquire life and pensions rival Friends Life Group Ltd for £5.63 billion.

SIG Combibloc Group AG, the Switzerland-based juice-box maker agreed to acquire by Canada-based private-equity group Onex Corporation for about €3.75 billion or $4.64 billion.

Petrofac Limited, the U.K.-based oil and gas producer lowered its net profit forecast for the year to lower end from previous guidance of $580 million to 600 million.

The company also said net profits for the fiscal 2015 of about $500 million.

Volkswagen AG increased 0.7% to €179.25 after the Germany-based auto maker plans to invest €85.6 billion or $107.3 billion in the next five years.

Asian Markets

Markets in Japan were closed and indexes in Hong Kong soared 2% to 23,893.14 and in Shanghai added 1.9% to 2,532.88.

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Sources: Data collected by 123jump.com and Ticker.com from company press releases, filings and corporate websites. Market data: BATS Exchange. Inc