Stocks gain in Europe, Asia on G 20's clean up vow

Stocks in Europe and Asia and US index futures rose as the Group of 20 vowed to clean up toxic assets, Federal Reserve Chairman Ben S. Bernanke said the recession may end soon, and Barclays Plc reported a 'strong' start to the year.
Barclays, the UK's third-biggest lender, surged 21 per cent after saying its businesses continue to perform well. Deutsche Bank AG, Germany's largest bank, and Citigroup Inc. gained more than 5 per cent. Mizuho Financial Group Inc., which has the most credit-related losses of any Asian bank, added 5.6 per cent in Tokyo.
The MSCI World Index rose for a fifth straight day, climbing 1.4 per cent at 10:51 a.m. in London. The gauge of 23 developed nations has surged 11 per cent since March 9 as Citigroup, Bank of America Corp. and JPMorgan Chase & Co. said they made money during the first two months of 2009. The global measure has still lost 17 per cent this year.
The rally in stocks curbed demand for government debt, sending yields on 30-year US Treasuries to near the highest level in almost four months. The yen fell for a third day against the dollar and the euro on speculation a Bank of Japan plan to buy government debt will spur investors to seek higher-yielding assets overseas.

The New Age