Euro­pean stocks climb; Athens surges on hopes of bailout deal

The China Post - - BUSINESS INDEX & -

Europe’s main stock mar­kets rose Thurs­day, with Greek shares soar­ing on hopes that Athens could be close to a deal with its cred­i­tors, an­a­lysts said.

Athens’ main in­dex was up 7.12 per­cent to 815.26 points in early af­ter­noon deals.

Else­where, Lon­don’s bench­mark FTSE 100 in­dex of top com­pa­nies rose 0.45 per­cent to 6,860.87 points and the CAC- 40 in Paris climbed 0.70 per­cent to 4,969.65.

Frank­furt’s DAX 30 in­dex won 0.74 per­cent to 11,349.21 points com­pared with Wed­nes­day’s closing level.

Asian Stocks Higher af­ter

Wall Street Rally

Asian mar­kets ral­lied Thurs­day fol­low­ing a strong close on Wall Street and hopes for a Greek debt deal, while the dollar re­cov­ered af­ter the pre­vi­ous day’s sharp losses.

Tokyo climbed 1.68 per­cent, or 336.61 points, to 20,382.97 thanks to a weaker yen and Syd­ney added 1.43 per­cent, or 78.10 points, to 5,556.70.

Seoul ended 0.26 per­cent higher, adding 5.29 points to 2,056.61, af­ter the cen­tral bank cut its key in­ter­est rate in a bid to boost the econ­omy, which has been hit by an out­break deadly MERS virus.

Shang­hai reversed morn­ing losses to close up 0.30 per­cent, or 15.56 points, at 5,121.59 while Hong Kong tacked on 0.83 per­cent, or 220.21 points, to close at 26,907.85.

The three main in­dexes in New York en­joyed one of their best days for weeks thanks to a surge in bank­ing and tech­nol­ogy stocks as well as op­ti­mism over the Greek debt cri­sis.

Deal­ers wel­comed news Ger­man Chan­cel­lor An­gela Merkel and French Pres­i­dent Fran­cois Hol­lande would meet Greek Prime Min­is­ter Alexis Tsipras at an EULatin Amer­ica sum­mit, en­cour­ag­ing hopes for a deal to ex­tend Greece’s bailout fund­ing.

The Dow jumped 1.33 per­cent, the S& P 500 rose 1.20 per­cent and the Nas­daq gained 1.25 per­cent.

Later in the day the three Euro­pean lead­ers said they had agreed to work harder for a deal that will un­lock bil­lions of eu­ros much needed by Athens to ser­vice its debts and avert a de­fault that could see it tum­ble out of the eu­ro­zone.

In Seoul, a sur­prise in­ter­est rate cut from the South Korean cen­tral bank off­set fears over the im­pact

of the of a deadly MERS virus out­break that has al­ready hit busi­nesses in the coun­try.

The bank an­nounced the move in an at­tempt to ward off fur­ther eco­nomic pain from the largest out­break of Mid­dle East Re­s­pi­ra­tory Syn­drome ( MERS) out­side Saudi Ara­bia, which has killed 10 peo­ple so far and in­fected 122.

Busi­nesses in­clud­ing shop­ping malls, restau­rants and cine­mas have re­ported a sharp drop in sales as peo­ple shun public venues with large crowds. More than 54,000 for­eign trav­el­ers have also can­celed vis­its this month.

Gold f etched US$ 1,179.55 com­pared with US$ 1,188.80 late Wed­nes­day. In other mar­kets: — Welling­ton rose 0.94 per­cent, or 54.55 points, to 5,858.41.

— Manila closed 1.62 per­cent, or 119.45 points, higher at 7,503.72.

— Bangkok closed up 0.72 per­cent, or 10.77 points, at 1,514.81.

— Sin­ga­pore closed up 0.66 per­cent, or 21.90 points, at 3,347.67.

— Kuala Lumpur fell 0.05 per­cent, or 0.87 points, to 1,734.76.

— Jakarta ended up 0.10 per­cent, or 4.74 points, at 4,928.81.

— Mumbai fell 1.75 per­cent, or 469.52 points, to 26,370.98.

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