European leaders work towards Greek debt deal $DAX.I

  • With the US markets closed all eyes moved to Greece as negotiations in regards to its debt restructuring come to ahead. With a European summit meeting concluding, it appears that leaders have come to some sort of agreement in regards the pending second instalment of funds and critical debt swap deal that is needed to bring Greece’s Debt/GDP lower
  • In anticipation of positive news, European markets finished the overnight session higher. Mining stocks were the standout performers, aided by yesterdays decision by the Central Bank of China to ease the reserve ratio required by Chinese banks
  • The DAX outperformed its European counterparts overnight rallying by 1.46% against the FTSE and CAC which rallied 0.68% and 0.96%
  • DOW 0.35%, S&P500 0.23% and NASDAQ –0.27% (market closed)
  • The Euro rallied the most in almost two weeks against the USD as traders position themselves for a positive announcement in regards to the Greek debt negotiations. EUR topped out at 1.3275. The AUD topped out at 1.0815 yesterday morning and has been weakening since
  • Gold was stronger on potential Chinese inflation concerns rallying 0.6%
  • Oil made a nine month high overnight briefly breaking above USD105.00
Spectrum Live
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