Markets Trade Flat in Red

The Global Markets trade in a positive territory this morning. U.S. stocks rose, as the Standard & Poor’s 500 Index rebounded from a three day slump, after Sears Holdings Corp.’s profit forecast and Lennar Corp.’s earnings beat estimates, while higher oil prices boosted energy shares. European stocks surged to a 28-month high as Japan pledged to buy euro-area bonds, joining China in helping to alleviate the regions debt crisis. This morning Asian stocks rose, sending the MSCI Asia Pacific Index to its first advance in four days, as higher oil and metal prices buoyed commodity shares and a weaker yen boosted the outlook for Japanese export earnings. In commodities, Oil traded near a one-week high in New York after a pipeline closure in Alaska threatened supplies and as Japan pledged to buy euro-area bonds, alleviating the regions debt crisis. Copper in London climbed for a second day, extending its biggest gain in a month, after Japan joined China in buying euro-area bonds, easing concerns that Europe’s debt crisis may derail the global economic recovery. Immediate-delivery gold gained after a member of the Federal Reserve’s open market committee said the bank may have to pare back stimulus, while Europe’s governments tackled the sovereign-debt crisis, boosting demand for a haven. The Indian markets after starting on a strong note but drifted downwards as the day progressed to trade flat in red. The main gainers are the IT, Banking and Teck indices.