The European Union will have a final bailout for Greece “by the end of June and have ruled out a “total restructuring” of the nation’s debt” according to Jean-Claude Juncker, head of the group of euro-area finance ministers.
Stocks rose around the world. The Stoxx Europe 600 Index climbed 1%, while the MSCI World Index advanced 0.8 %. The Euro strengthened to a three-week high against the dollar, and the cost of insuring bank debt fell the most in six weeks. U.S. index futures rallied 1%, and commodities also gained. The 10-year German bund yield climbed seven basis points, while Greek yields slid 30 basis points.
US equities are poised for a 4th consecutive day of gains, trimming some of the losses in May — the worst month for US stocks since August 2010, prior to the announcement of QE2.
This post originally appeared at The Big Picture and is reproduced here with permission.
Comments are closed.