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Market Buzz: Banks and resources push indices up

Market Buzz: Banks and resources push indices up
Russian markets are expected to open higher on Monday supported by rallying resources and banking shares.

­Russian stocks closed higher Friday with the MICEX added 1.6% and the RTS rose 2.2% amid positive sentiment on global floors.

US stocks rose Friday with bank shares rallied after positive JP Morgan Chase & Co.’s second-quarter results, showing the US banks are more stable than those in Europe. The Dow Jones and the S&P 500 both rose 1.6%, while the Nasdaq Composite added 1.5%.

European markets rallied Friday supported by resource shares climbed after China’s growth rate met market expectations. The Stoxx Europe 600 jumped 1.3% after two days of decline. Italy’s FTSE MIB gained 1% after a successful government bond auction.

Most Asian stock markets traded mixed Monday as Chinese Premier Wen Jiabao said over the weekend that China’s economic growth is not yet stable and hardship are likely to continue for a while. Hong Kong’s Hang Seng added 0.2%, South Korea’s Kospi traded flat, while the Shanghai Composite fell 1.2%. Australia’s S&P/ASX traded 0.6% higher; while Japanese share markets were closed for a holiday.