World markets move against American optimism

Global markets enjoyed an uptrend on Thursday amid growing optimism about the U.S. economy, while oil prices continued their advance after report that OPEC production levels would remain the same.

The optimism continued through the night on Wall Street after the Federal Reserve reported the world's biggest economy showed signs of stability in recent months.

But although there were improvements in manufacturing and other sectors of the economy, the Fed reports suggested that the weakness in retail sales and the labor market could further limit consumer spending.

Some analysts believe this is reason enough to remain on high alert.

"The bottom line is better but still not enough support for a sustained recovery," said Peter Lai, investment manager at DBS Vickers in Hong Kong. "These numbers are not cause for celebration. Unemployment continues to rise and consumers are still concerned. The higher the market is more afraid of me."

In Europe, gains were modest, the British FTSE 100 index added 0.2%, Germany's DAX was up 0.5% and France's CAC-40 added 0.5%.

In Asia gains were more substantial. The Japanese Nikkei 225 index added 201.53 points, 2.0%, to 10,513.67, the Hong Kong Hang Seng gained 218.52, or 1.1%, to 21,069.56, and the Kospi in Korea advanced 2.3% to 1644.68. The exception was the Shanghai of China lost 0.7%.

During the night the U.S. Dow Jones industrial average added 49.88 points, or 0.5%, to 9547.22. The Dow has recovered 267 units, 2.9% in four days. It was the second highest closing price of the index in the year.

The benchmark crude for October delivery added 79 cents to $ 72.10, after the Organization of Petroleum Exporting Countries decided to keep the same production levels.