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LONDON (AFP) – The euro rose on Friday and stock markets firmed in response to massive purchases of eurozone debt by the ECB which pushed down borrowing rates for weak eurozone countries facing crisis.

Investors were on edge before the publication of crucial US economic data.

But a key factor in the markets was evidence on the bond market that the European Central Bank has ramped up purchases of debt issued by countries in trouble, mainly Ireland and Portugal.

The euro advanced to 1.3255 dollars in early trading here, from 1.3220 dollars late on Thursday in New York.

Yields on bonds issued by eurozone countries under strain, notably Portugal and Ireland, eased.

London's FTSE 100 stock index gained 0.05 percent, the German DAX 30 added just 0.02 percent and in Paris the CAC 40 climbed 0.53 percent.

The European Central Bank (ECB) had decided on Thursday to extend its exceptional bond-buying and liquidity-boosting operations to fight the debt crisis which has driven Greece and Ireland into rescues and threatens Portugal and Spain.

"It's a risk-on morning during the European session," said Forex.com analyst Kathleen Brooks, suggesting that investors were becoming more willing to buy assets that are deemed to carry higher risk -- like equities and the euro.

"The markets initially stuttered yesterday afternoon after ECB President (Jean-Claude) Trichet failed to firmly commit to provide policy support to the troubled peripheral nations during his monthly press conference."

The European Union and International Monetary Fund have already agreed to bail out Ireland and Greece with billions of euros, but markets suspect that Portugal and Spain could be next in line.

Brooks added: "Trichet clearly stated the ECB was not embarking on a period of quantitative easing.

"However, he did extend lending facilities at the one-week, one-month and three-month timeframes at fixed interest rates -- and said that its bond-buying programme would be 'commensurate' with market conditions."

"He also stated the need for governments within the eurozone to keep their fiscal houses in order, which suggested a reluctance on the part of the ECB to step in and directly prop up the troubled peripheral economies."

Trichet said on Friday: "I think that we have to see that we have a currency that is credible."

He told RTL radio in France: "There is no crisis for the euro as a currency.

"We have problems of financial instability that are the result of budget crises in certain European countries."

At Morgan Stanley bank, analysts commented that the ECB wanted to see "a major step-change in the economic governance of the euro area up to and including a fiscal federation before considering any policy action."

They said that the ECB's decision on Thursday on extending bond-buying had been reached by consensus but was not unanimous.

The analysts commented that investors should not become unduly optimistic. "The financial crisis needs to be resolved by governments ... The ECB can only be a temporary lender of last resort."

Later on Friday, investors will switch attention to the all-important non-farm payrolls data in the United States.

"Equity market sentiment remains positive and today's focus is the US jobs report where the expectation is for a further gain in private sector employment," said VTB Capital economist Neil MacKinnon.

Most Asian stocks mostly extended gains Friday from the previous day as a fresh batch of US economic figures added to the impression that recovery in the world's biggest economy is on track.

Sydney added 0.38 percent, Tokyo rose 0.10 percent and Seoul picked up 0.36 percent, while Hong Kong fell 0.55 percent and Shanghai eased 0.04 percent.

Comments from Beijing that the government would tighten monetary policy in 2011 suggested interest rate hikes are likely as the country battles inflation.

Dealers were given a strong cue by Wall Street, where the Dow rose 0.95 percent, the S&P 500 advanced 1.28 percent and the Nasdaq gained 1.17 percent.

Markets welcomed news that the National Association of Realtors had reported pending home sales jumped 10.4 percent in October, much more than expected, offering a glimmer of hope to the troubled US housing market.

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Is the procession of buy to let run again, and if so do you jump on? Many will be surprised to hear the health industry buy-to-let described as anything but sickly. After all, it is industry that sank Bradford & Bingley and thousands of owners of "MOM and pop" nursing losses and adapted flats of unsaleables.

But for investors who kept their portfolios, the image looks far that it has been for some time, even if the responsibility for budget Office predicts that property values will be worth almost 3pc less at the end of April 2012.

Owners are the main beneficiaries of the current mortgage market stagnant since those who can not buy a House need to live somewhere.

Figures from the Royal Institution of Chartered Surveyors this week showed that demand for rented goods increases at its fastest rate since the fourth quarter of 2008. a third several members of the institution reported an increase in demand as a waterfall with also planned to collect rents.

Rightmove research has shown that return on investment for buy to let homes is now more that 6pc, while the amount of available rental fell to 23pc since last year, meaning rents are likely to rise further. Meanwhile, LSL, real estate, rental, expert says that owners returns health 4 5pc and for those students rent rate might be much higher - Knight Frank said they receive feedback in addition to 13pc estate agents.

"The magnet increasing rents and more marketable vendors should attract more buy to let owners that the return on investment grows potential yields of rental beyond 6pc," said Rightmove Director Shipside Miles. "However, inflows remain limited to those investors owners who have high levels of access to liquidity."

With Mr.'s comments carefully make the core of the issue. The main obstacle to the entry of many potential homeowners is a growing requirement for large deposits and difficulty in finding a mortgage that does not watering eye costs and require that the rent, the owner gets every month is much higher than the mortgage payment.

"There are a lot of good news here on rents and yields, but it is still fairly delicate obtain finance," said while Melanie mortgage broker Private Finance. She cited the example of the platform, which is part of the cooperative bank switched its rules to stop the so-called "accidental owners' a residential mortgage switched to alternative buy-to-let.

Rival Lloyds Banking Group, which comprises Halifax and Birmingham Midshires has recently strengthened its criteria so that owners can have more than three properties worth $ 2 million from ￡ in total. However, the Council of mortgage lenders still an increase in the number of mortgages 15pc buy to let between September 2009 and September 2010 for some new investors find financial reports.

This article shows that there is mortgage much less, available for investors to buy table to leave that to the height of the boom of the. In July 2007, there are 4,500 buy-to-let transactions, but potential owners can now choose just 291 products. With the discount rate, the average interest rate buy-to-let lending fell, but only in the 6 67pc 09pc 5 and numbers of these loans are provided with huge costs on top.

This is not a problem for many existing owners, including trafficking often returned to a rate Libor or rate after a specified period. "They have little incentive to come off the coast of these transactions", Julianne pointed out.

The new owners, the image is less pink. David Black analysts calculated Defaqto royalty average for a buy to let for ￡ 150,000 mortgage was almost ￡ 3,000 on a mortgage loan at interest rate of 5mC. Most of these mortgages will require a deposit of 30pc.

"As for mortgage loans, residential market it a substantial premium in mortgage loan-to-value payable interest rates high, but the fees payable are significantly higher, said Mr. Black." Most of these mortgages invoice not a flat fee, but expressed as a percentage of the borrowed amount.

Julianne said new borrowers with a 75pc, ready-to-value could get a fixed rate of 5 79pc with a 3 fresh mortgage works (manufacturer), the arm 5pc five years to buy leaving to Nationwide. If you're after a period of two years, deal and have a repository of 25pc, you can obtain a hotfix for 3 99pc manufacturer, with a similar tax. Lenders may also require a guarantee of minimum income and evidence the rent will be at least 125pc mortgage interest.

If you buy to let, do your homework. Andrew McQueen, head of mortgage loans Nationwide, said that many people had their fingers burnt in the boom through the realization not that they would have to declare their properties to buy to let tax forms, as well as additional fees.

"I always say to people,"is a company"," said. "Need an additional 15pc your time and you must be willing to put in the effort. If I had a chunk of money to invest and the time, I would say buy to let? Yes, I probably would. ?

He said that one of the most important considerations is to buy the right property in the first place. Nationwide, for example, are ready to purchase-to-let adapted apartments, since these objects were the most affected properties by the crash of the values. He suggests buying houses close to hospitals, universities or other sites with a large number of tenants. "If you hire students plan to renovate approximately all three years," he said.

David Newnes, LSL real estate services, has accepted. He suggested purchase terraced houses rather than apartments and choosing the area carefully.

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Nick Hewer disapproving glances at short skirt in learning model. Applicants complete a task in Trafford Centre where they sold clothing designers in London in the commercial centre of Manchester.?Photo: BBC

Capital commercial centres are preparing an agreement of. 6bn ￡ 1 buy the Trafford Centre, Manchester shopping make centre unique property asset more expensive in the United Kingdom.

The agreement comes in the midst of a flood of other sales in a shopping mall.

The Canada Pension Plan Investment Board and gas Dutch investors pay ￡ 871.5 m for a participation of 50pc Westfield Stratford, while assets such as Drake Circus in Plymouth and a 7 5pc Bluewater in Kent game attracted interest throughout the world.

Like any good consumer, property investors target qualité.Ils have a strong appetite for dominating regions centres where retailers want to extend.

This month, land securities and British Land, two largest the United Kingdom listed property companies, reported that a growing number of rich in species retailers are seeking new stores as part of expansion plans.

However, their plans are more focused on major centres that attract visitors from across the region - the Trafford Centre, the Metro Centre near Newcastle, BlueWater, at Bristol, Liverpool One Cabot Circus.

Land Securities reacted to this work begins on an important new 350 m ￡ shopping centre Leeds.

High streets in the secondary cities, however, remains a bit in the pot to noir.Leur challenge is magnified by the growth of the internet, retail and Government spending cuts.

Wave of Mall agreements has also generated by a simple fact – there has been an increase in the assets for sale.

This is because of two reasons - like Lloyds conduct distressed banks active owners seeking to redeem on a strong recovery in the retail property values and first since last summer.

Peel, for example, sells the Trafford Centre whose initial yield of approximately 5.01pc.Anthony Havelock, a partner in investment to Knight Frank, said: "this agreement demonstrates what is the best of the best."

Chris Grigg, Chief Executive of Earth British opinion ￡ 4 malls for the vente.Cependant, he stressed most centres are a "fairly medium quality" any good .Comme consumer knows, retail sales tend to vary in quality.

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LONDON – World stock markets surged Thursday while the dollar slid against the euro after the Federal Reserve confirmed that it will buy $600 billion in government bonds over the coming eight months in a fresh attempt to shore up the U.S. economic recovery.

In Europe, the FTSE 100 index of leading British shares was up 101.25 points, or 1.8 percent, at 5,850.22 while Germany's DAX rose 93.51 points, or 1.4 percent, at 6,711.31. The CAC-40 in France was 78.80 points, or 2.1 percent, at 3,921.74.

Wall Street was poised for further gains at the open later, after the Dow Jones industrial average closed Wednesday at its highest level since September 2008 when Lehman Brothers collapsed — Dow futures were up 55 points, or 0.5 percent, at 11,232 while the broader Standard & Poor's 500 futures rose 7.7 points, or 0.6 percent, at 1,205.

Stocks have been buoyed by the Fed's decision Wednesday to buy an additional $600 billion of assets — so-called quantitative easing aimed at creating more dollars and increasing the supply of money in the economy — that will involve it buying $75 billion in Treasury bonds per month until June next year.

The Fed said it would be regularly reviewing the pace of its purchases and the overall package in light of the prevailing economic conditions, meaning that investors will continue to keep a close watch on incoming economic data.

For now, though, the Fed's hope is that the policy will help drive down interest rates for households and businesses, giving the wider economy its source of stimulus — figures last week showed that the U.S. economy is growing at an annualized rate of 2 percent, which is not enough to get a sticky unemployment rate of around 10 percent lower.

Stocks have been buoyed in the weeks running up to the Fed statement in anticipation of another monetary boost and have responded positively to the actual announcement.

"I think it is just as well that the market enjoys this extra stimulus, as I suspect that there is no more from where that came," said David Buik, markets analyst at BGC Partners.

Though the prospect of more dollars in the financial system has been a boon to stocks over the last few weeks, the dollar has tanked. The selling, particularly against the euro gathered pace in the wake of the announcement.

By mid morning London time, the euro was 0.9 percent higher at $1.4257, its highest level since late January.

"The bottom line is that the programme of asset purchases implies more dollar supply and in turn will prevent any dollar recovery over the coming months," said Mitul Kotecha, head of global foreign exchange strategy at Credit Agricole.

Elsewhere in the currency markets, the dollar was actually holding up against the yen, partly because the Bank of Japan is widely expected to follow up with stimulus measures of its own after its meeting on Friday — the dollar was only 0.3 percent lower on the day at 80.90 yen.

Before the Bank of Japan's decision, the European Central Bank and the Bank of England announce their latest policy decisions Thursday. Neither bank is expected to announce fresh policy initiatives.

However, the relative strength of the euro at a time when Europe's debt crisis appears to be bubbling up again could well be a key point of interest at the press briefing of ECB president Jean-Claude Trichet — Ireland appears to be the focal point at the moment as the yield on its 10-year bonds have reached a new euro-era high of 7.6 percent in advance of the government's announcement of deficit-cutting plans and growth forecasts.

"Ireland may be fully-funded until April but its ability to eventually return to wholesale markets has been brought in to question just as its ability to raise revenues has become more demanding," said Neil Mellor, an analyst at Bank of New York Mellon. "If tensions across the eurozone's debt markets grow from current, elevated levels then questions may soon be directed at the EU's ability to come to the rescue once more."

Earlier in Asia, Japan's benchmark Nikkei 225 stock index jumped 2.2 percent to 9,358.78 after being closed for a holiday Wednesday while South Korea's Kospi rose 0.3 percent to 1,942.50 — close to a three-year closing high — and Australia's S&P/ASX 200 gained 0.5 percent to 4,745.30.

Hong Kong's Hang Seng index climbed 1.6 percent to 24,535.63 and China's Shanghai Composite Index closed up 1.9 percent at a seven-month high of 3,086.94.

Commodity prices were big gainers from the Fed's announcement too — benchmark crude for December delivery was up $1.24 at $85.93 a barrel in electronic trading on the New York Mercantile Exchange.

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Associated Press Writer Pamela Sampson in Bangkok contributed to this report.

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