Stocks Gain in South Korea, Europe on Earnings Optimism
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Stocks rose in Europe and South Korea on Monday, the first trading day of the year, led by automaker Renault and Hynix Semiconductor Inc. Analysts cited optimism that earnings growth would bolster markets in 2006.
The Dow Jones Euro Stoxx 50 index, a European benchmark, gained 0.7%.
South Korea’s Kospi advanced 0.7% to a record high. The index’s 54% jump last year made it Asia’s best performer.
Taiwan’s Taiex slumped 1.3%, the most since October, after a speech by the island’s president sparked concern that relations with China would deteriorate.
U.S. markets were closed for the New Year’s holiday, as were those in Canada, Britain, Ireland, Iceland, Switzerland, Australia, New Zealand, Japan, Hong Kong, China, Singapore, Malaysia and Thailand.
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