Global stocks close in on five-year high

<p>Global stocks could soon hit five-year highs.</p>

Stocks around the world are closing in on a five-year high as leading economies continue to recover from the effects of the global financial slowdown.

The FTSE All-World equity index is up 0.2 per cent to 248.6, which is currently just below its best closing level since June 2008.

According to a report by the Financial Times, factors contributing to this rise include the S&P 500 closing above 1,700 for the first time and the FTSE Eurofirst 300 opening with a rise of 0.3 per cent this morning (August 2nd).

The Nikkei rose by 3.3 per cent during today's trading as the index continued to add value, with the softening yen having boosted the exporter-heavy stock market.

After hitting a one-month low earlier in the week, the Nikkei bounced back with a 2.5 per cent increase in value yesterday, meaning it ended the week strongly.

But after dropping by 1.5 per cent on Tuesday, its gains for July were just 0.1 per cent.

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