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Greek debt deal lifts shares, eyes on U.S. jobs

Published: March 9, 2012 | 9:08 am
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The euro dipped and European stocks made small gains on Friday after Greece won strong acceptance for a bond swap deal that eases its path to second bailout, while market moves were set to be muted ahead of a key U.S. jobs report due out later.

Greece said 85.8 percent of private creditors had accepted its offer and that the rate would reach 95.7 percent with the use of new rules that will also force losses on investors who refused to participate voluntarily.

The single currency dipped about 0.5 percent after the announcement to $1.3215 having gained nearly one percent on Thursday in expectation the Greek deal would get done.

“In the near term, fears of a ‘hard default’ should recede, assuming parliament votes in this legislation. But Greece’s political situation remains unstable,” Sarah Hewin, senior economist at Standard Chartered Bank said.

Earlier data showing Chinese inflation hit a 20-month low in February helped boost hopes of further monetary easing in the world’s second biggest economy and added support to commodity prices, with copper rising for a third straight day.

The FTSE Eurofirst index of top European shares edged up 0.1 percent to 1075.92 after gaining over 1.5 percent in the previous session. The MSCI world equity index benefited from a stronger session in Asia to gain 0.2 percent.

Expectations for Friday’s U.S. jobs data are for a net gain of 210,000 jobs in February. An unexpected rise in new U.S. weekly jobless claims on Thursday was not enough to change perceptions that the labor market was strengthening – a major catalyst in the current rally.

reuters

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