Global Markets showed the best year start in 18 years

(AFP Photo / Asif Hassan)
Despite the ongoing financial turmoil, global stocks showed their best January since 1994. And Russian stocks displayed one of the best performances.

­According to Bloomberg data, the MSCI All-Country World Index rose 5.8%, while the Stoxx Europe 600 Index added 4 percent with chemical producers among best performers.

European shares showed their best monthly start to a year since 1998 after most countries in the region accepted further austerity measures and Greece made progress in its debt write-down negotiations with investors.

China’s manufacturing PMI exceeded expectations rising to 50.5 in January from 50.3 in December, on the back of stronger export demand.

The S&P 500 climbed to a six-month high of 1,326.05 on Jan. 25 after economists issued optimistic forecast for the US. As much as 198 companies in the S&P 500 in January boasted better than expected results with Microsoft Corp. adding 13% and Bank of America jumping 28%.

Russian stocks have also contributed to the global good start as the RTS grew 9.97% and the MICEX 9.78%. Retail, finance and metallurgy shares were among the best performers: RTS Metal added 19.09%, RTS Finance increased 17.36% and RTS Retail grew 18.17%.