Global markets buoyed by Greek deal

Markets were shored up by the news that Greece’s party leaders agreed a deal on new cuts that are necessary for the country to get crucial bailout funds

Written by Associated Press | London | Published: February 10, 2012 1:27 am

Markets were shored up by the news that Greece’s party leaders agreed a deal on new cuts that are necessary for the country to get crucial bailout funds.

Following confirmation that a deal has been agreed,stock markets,the euro and oil prices rose. Though the prevailing view has for weeks been that Greece would get its bailout,there was still an element of doubt especially as the talks dragged on for days longer than anticipated.

“From perspective of austerity measures,it’s good news that we have an agreement but we are not out of the woods yet,’’ said Simon Derrick,an analyst at Bank of New York Mellon.

In Europe,the FTSE 100 index of leading British shares was up 0.3 per centat 5,895 while Germany’s DAX rose 0.6 percent to 6,788. The CAC-40 in France was 0.4 percent higher at 3,424.

The euro was trading up 0.4 percent at $1.3286,just shy of its earlier two-month high of $1.3313.

In the US,the Dow Jones industrial average was up 0.17 per cent at 12,906 while the broader S&P 500 index rose 0.2 per cent to 1,353.

The Bank of England was also in focus after it announced its intention to pump another 50 billion pounds ($79 billion) into the ailing British economy while keeping its own main interest rate at the record low of 0.5 per cent.

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