Euro Holds onto Gains against Dollar

European and Asian shares gained and U.S. futures rose, pushing the MSCI World Index higher for an 11th day, on speculation profits will improve as the global economic slump eases.

Photo: Euro Holds onto Gains against Dollar

Pearson Plc rallied 6.5 percent as the owner of the Financial Times newspaper posted an increase in first-half profit and sales. Nomura Holdings Inc. , Japan’s largest brokerage, rose 3.1 percent after the Nikkei newspaper said the company may post its first quarterly profit since 2007. BHP Billiton Ltd. and Rio Tinto Group added more than 1.5 percent as metals rallied, Bloomberg reports.

However, American travelers are wincing at the cost of that summer stroll down the Champs-Élysées. For those lucky enough to take the Grand Tour, Europe is pricey these days.

European stocks, however, are downright cheap. Unlike the currency, Continental shares trade at a discount to U.S. equities that has been seen rarely in the past 40 years. For American investors, that discrepancy represents an opportunity, if markets continue to rally from lows and the euro holds onto or extends gains against the dollar , Barron's reports.

Meanwhile, world stocks eased from nine-month highs on Friday, after disappointing results from U.S. corporate bellwethers sparked fear among investors that a rally was losing steam, but crude oil prices chugged higher.

In an odd twist, London's top stock gauge rose for a 10th straight day despite news that British economic output dropped twice as hard as forecast in the second quarter of the year , Alibaba News Channel reports.