* European shares up, Credit Suisse (SIX:CSGN) climbs after earnings
* Japan reiterates readiness to weaken yen
* Greek market rises on prospect of debt relief
By Sudip Kar-Gupta
LONDON, May 10 (Reuters) - World stock markets rose on
Tuesday, helped by solid corporate earnings in Europe, progress
on Greek debt talks, and a new pledge by Japan that it was
prepared to weaken its currency.
The MSCI All-Country World index .MIWD00000PUS climbed 0.4
percent, the pan-European FTSEurofirst 300 .FTEU3 index
advanced 1.3 percent, while the MSCI Emerging Market index
.MSCIEF also edged higher.
U.S. equity index futures ESc1 1YMc1 rose around 0.5
percent and oil prices also climbed, driven by supply
disruptions in Canada and elsewhere. O/R
European stock markets built on positive momentum from
earlier on in Japan, where the Nikkei .N225 rose 2.2 percent
after Japan's Finance Minister Taro Aso reiterated his resolve
to intervene in the currency market if the yen's gains last long
enough to hurt Japan's fragile economic recovery.
Aso's comments sent the yen to its lowest level in almost
two weeks against the dollar, and reinforced the backdrop of
central banks around the world looking for ways to boost the
global economy. FRX/
Hampstead Capital hedge fund manager Lex Van Dam said record
low interest rates from the European Central Bank meant equities
still offered more attractive returns than cash or bonds, while
Clairinvest fund manager Ion-Marc Valahu added that he had
bought up European equity positions over the last week.
"Rates are not going anywhere, so buying any dips on the
stock market might still be the best strategy," said Van Dam.
European equities were also helped by some decent corporate
results.
Shares in Credit Suisse CSGN.VX rose after the Swiss bank
reported a smaller-than-expected first quarter loss, while
jewellery maker Pandora PNDORA.CO surged after posting higher
profits and raising its financial outlook.
Greek shares .ATG hit their highest level in 2016 after
euro zone finance ministers offered to grant Greece some debt
relief, with the move causing Greek 10-year bond yields to fall
below 8 percent for the first time in more than six months.
The offer appears to be a compromise between Germany, which
does not believe Greece needs additional debt relief, and the
International Monetary Fund, which insists it is necessary, and
will be fleshed out by deputy finance ministers by May 24.
"At the very least it appears the gap between the IMF and
the Germans appears to be narrowing and that has been very well
received by investors," said Nick Stamenkovic, bond strategist
at RIA Capital Markets.