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MOSCOW – Global stocks advanced Tuesday ahead of a summit of Europeanleaders that's expected to be dominated by calls to boost economicgrowth across the continent, though ongoing worries over theupcoming Greek election kept the rally in check. Europe remains the focus of attention across all financial marketsin the run-up to the June 17 Greek election that could go a longway to determining the country's membership of the euro as well asthe future of the single currency zone. On Wednesday, the leaders of the 27 European Union countries willhold an informal meeting in Brussels. The summit is expected tofocus on ways to kick start the region's faltering economy. "There have been lots of comments from various officials regardingthe wish of the EU for Greece to remain in the eurozone, the needto agree upon a growth agenda to go alongside the austerity agendaand of course on common euro bonds," said Gary Jenkins, managingdirector of Swordfish Research. With that backdrop, stocks have recovered this week after a parlousfew sessions. In Europe, France's CAC-40 was 1.3 percent higher at 3,065.82,while Germany's DAX rose 1.2 percent to 6,404.32. The FTSE 100index of leading British shares was up 1.2 percent at 5,367.43,helped by figures showing that the annual inflation rate dropped to3 percent in April, its lowest level since February 2010. TheInternational Monetary Fund, however, issued a tough assessment ofU.K. economic policy on Tuesday, urging authorities to do more toboost demand in the economy. In Greece, political uncertainty and a gloomy prediction by theOrganization for Economic Cooperation and Development pushed shareson the Athens Stock Exchange to their lowest level in 22 years onTuesday, 1.8 percent down at 534.55. Wall Street had a mixed opening after Monday's solid advance. TheDow Jones industrial average was slightly down — 0.16 percent— at 12,470, while S&P 500 added 0.6 percent at 1,324.79. Europe's debt crisis as well as developments in Greece has thepotential to knock the rebound in sentiment witnessed so far thisweek. "Markets are by no means out of the woods, however, and muchuncertainty will remain ahead of Greece'e election in just lessthan a month," said Mitul Kotecha, head of global strategy atCredit Agricole CIB. If a new government fails to follow through with an austerity planagreed to by prior Greek leadership, the country could lose apromised multibillion euro bailout from international lenders.Greece's default could send shockwaves throughout Europe. TheOECD's top economist warned on Tuesday that the 17-country eurozonerisks falling into a "severe recession" and called on governmentsand Europe's central bank to act quickly to stop the slowdownspilling over into the global economy. The organization now forecasts a longer and deeper contraction inthe eurozone than in its November report, with the eurozone economyexpected to shrink in 2012, and only manage a feeble recovery in2013. Earlier, Asian markets posted sizeable gains. Japan's Nikkei 225index rose 1.1 percent to close 8,729.29 and Hong Kong's Hang Sengadded 0.6 percent to 19,039.15. South Korea's Kospi climbed 1.6percent to 1,828.69. Hopes that China will announce new measures to boost growth alsohelped push shares higher. Investors were encouraged by weekendstatements from Chinese Premier Wen Jiabao, who promised to spurthe world's second-largest economy, a shift from previous rhetoricabout curbing inflation. In the oil markets, benchmark oil for June delivery was down 50cents to $92.36 a barrel in electronic trading on the New YorkMercantile Exchange. The contract rose $1.09 to settle at $92.57 inNew York on Monday. In currencies, the euro slipped to $1.2770 from $1.2793 late Mondayin New York. The euro hit a four-month low against the dollar lastThursday. The dollar was up at 79.60 yen from 79.36 yen. ____ Pamela Sampson contributed to this report from Bangkok. We are high quality suppliers, our products such as China Automobile DVD Players , China FIAT DVD player for oversee buyer. To know more, please visits BMW Car DVD Player.
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