World stocks mixed as gold hits high after G7, ECB action 8/08/2011

Global stocks were mixed on Monday with European markets firming after the ECB signalled strong support for eurozone debt and on G7 pledges to bolster the economy, but Asian shares fell and gold surged.

A woman points at s display board at a securities trading house in Taipei. Global stocks were mixed on Monday with European markets firming after the ECB signalled strong support for eurozone debt and on G7 pledges to bolster the economy, but Asian shares fell and gold surged.

Concerns about weakening growth saw 'safe haven' investment gold shoot to a record high point above $1,700 an ounce. The euro rose against the dollar after Standard and Poor's had on Friday downgraded its rating on US debt.
"With Asian markets continuing to fall overnight, it looks like we are in for another volatile week," said Dermot O'Leary, economist at Goodbody Stockbrokers in Dublin.
"Leaders have come out with strong statements that they will do what is needed, but markets will be looking for real action."
London's benchmark stocks index rose 0.56 percent in early deals, Paris jumped 0.75 percent while Frankfurt was flat, reversing initial falls and a slump for equities last week.
US debt bond prices firmed slightly in Europe, causing the signalled borrowing rate for the United States to edge down, despite the rating downgrade and concerns it would send rates upwards..
"The FTSE 100 quickly recovered from opening losses of 1.0 percent on Monday to post gains, providing some relief for investors," said City Index analyst Joshua Raymond.
The London market had plunged almost 10 percent last week on fears of another vicious global downturn, wiping around