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World stocks climb on Europe debt action hopes
World stocks rise on better US economic figures, hopes for strong action on Europe debt crisis
By The Associated Press

HONG KONG (AP) ' World stocks jumped Thursday, boosted by improved U.S. economic figures and Germany's vow to support banks struggling amid Europe's debt crisis.

Oil prices rose above $80 a barrel while the dollar fell against the euro and the yen.

In early European trading, Britain's FTSE 100 rose 1.2 percent to 5,161.65 and Germany's DAX added 1.4 percent to 5,546.83. France's CAC 40 advanced 2.2 percent to 3,039.73. Wall Street was set to gain with Dow futures up 0.7 percent at 10,912.

In Asia, Japan's Nikkei index rose 1.7 percent to 8,522.63 and South Korea's Kospi index jumped 2.6 percent to 1,710.32. Hong Kong's Hang Seng index surged 5.7 percent to 17,172.28.

Benchmarks in Taiwan, Singapore and Australia also rose. Markets in mainland China were closed for a holiday.

Global stock markets are recouping some of their losses after a rough start to the week prompted by procrastination and confusion among European leaders as they tried to get a handle on the continent's debt crisis.

Those worries were eased after reports Wednesday indicating that policymakers were working to coordinate and bolster action. The International Monetary Fund called again on European leaders to quickly steel banks against worsening market panic. German Chancellor Angela Merkel said she would support a Europe-wide plan to recapitalize banks if it was deemed necessary.

"There's good news coming out of Europe," said Jackson Wong, a vice president at Tanrich Securities in Hong Kong, although he warned that markets would likely remain choppy.

"Today everything seems fine, however the overall problems are still out there. Nothing has been resolved" with Europe's debt crisis, he said.

Investors are looking to a U.S. government report on employment due Friday following some positive economic indicators on Wednesday that buoyed Wall Street.

A service sector survey indicated that economic growth might improve, while another report by a payroll processing company beat expectations with news that that private companies added slightly more jobs in September than the month before. Many are hoping it foreshadows similar good news for Friday's broader report.

In New York on Wednesday, Wall Street added to gains from the day before. The Dow Jones industrial average finished 0.8 percent higher at 10,899.35 and the broader Standard & Poor's 500 index rose 1.2 percent to 1,137.83.

In currencies, the euro rose to $1.3373 from $1.3351 late Wednesday. The dollar fell to 76.67 yen from 76.96.

Benchmark crude for November delivery was up 93 cents to $80.60 a barrel in electronic trading on the New York Mercantile Exchange. The contract rose $4.01 to finish at $79.68 on Wednesday.

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