Arab Today, arab today world stocks rise on slow greek progress
Last Updated : GMT 16:24:37
Arab Today, arab today
Arab Today, arab today

World stocks rise on slow Greek progress

Arab Today, arab today

Arab Today, arab today World stocks rise on slow Greek progress

Paris - Arabstoday

The inching progress toward a deal to secure a new bailout for Greece and a Chinese assurance that it will continue to invest in Europe pushed stocks higher Wednesday, despite signs the eurozone is headed toward recession. Greece’s finance minister promised that the country would fulfill all the obligations imposed by its international creditors before they discuss handing over more loans later Wednesday. Those include plugging a (euro) 325 million ($425 million) financing gap and written guarantees from the governing coalition’s party leaders that they’ll carry out the plan if they come to power. Greece’s European and International Monetary Fund creditors have grown impatient with Athens, which is caught between an enraged population and a potentially catastrophic default if it does not manage to secure another (euro) 130 billion ($170 billion) in loans. European officials canceled a meeting scheduled for Wednesday to green light that second bailout and instead will hold a conference call. The back-and-forth over Greece’s rescue, however, did not curtail a rally in stock markets Wednesday. In France, the CAC-40 rose 1 percent to 3,411, while Germany’s DAX was up 1.2 percent at 6,809. The FTSE index of leading British shares gained 0.2 percent to 5,913. The euro also edged up to $1.3145. The resilience of stock markets despite the drawn-out negotiations over a deal to save Greece from default could reflect investor confidence that European leaders would not dare, in the end, to walk away from Athens. That is despite an increasing recognition that the deal is too small to put Greece back on the path to financial health and calls from analysts that the eurozone could weather a Greek default and would emerge in a better position. “If the EU really did have total faith that there would be no contagion at all from a Greek default then they might well be prepared to take the chance,” said Gary Jenkins of Swordfish Research. “However, whilst the signs from the bond market are encouraging, it is unlikely that they will want to undertake such an experiment at this stage.” Greece’s European partners, meanwhile, are struggling with poor growth of their own. On Wednesday, Eurostat figures showed that the economy for the 17 countries that use the euro contracted 0.3 percent in the final three months of 2011, a clear sign that Europe’s debt crisis has spared no country. The decline followed a meager 0.1 percent increase in the previous three-month period and could signal the area is heading into recession, defined as two consecutive quarters of negative growth. Slow growth has been one of the most damaging effects of Europe’s debt crisis, which forced many countries to savagely slash their budgets to reassure investors they would be able to pay off debts borrowed in boom times. But some observers have noted that cutting costs only exacerbates slow growth, which, in turn, exaggerates deficits. To dig out of the vicious cycle, many have hoped for a rescue from the outside, particularly from China, which has vast foreign currency reserves. Chinese officials have been cautious to say they want to help Europe — their biggest export market — but that they have to make investments that are good for the Chinese. They have given no sign they would do more than continue to invest in the safest European government bonds. China’s central bank governor, Zhou Xiaochuan, reiterated those ideas early Wednesday, but they boosted spirits in Europe, nonetheless, underscoring how eagerly investors are hoping for a miracle. Earlier, Asian shares rode news that Japan’s central bank would further loosen monetary policy, raising hopes that would lift its powerhouse export sector. The Nikkei 225 index in Tokyo soared 2.3 percent to close at 9,260.34, its highest close since Aug. 5. South Korea’s Kospi gained 1.1 percent to 2,025.32, while Hong Kong’s Hang Seng jumped 2.1 percent to 21,365.23, its highest finish since Aug. 4. Mainland Chinese shares advanced with the benchmark Shanghai Composite Index climbing 0.9 percent to 2,366.70, its highest close this year. The Shenzhen Composite Index gained 1.5 percent to 925.99. Benchmark oil for March delivery moved up 84 cents to $101.58, also brushing off troubles in Greece to focus on tensions in the Middle East that could lead to a tightening of supplies. 

arabstoday
arabstoday

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today world stocks rise on slow greek progress Arab Today, arab today world stocks rise on slow greek progress

 



Arab Today, arab today

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today world stocks rise on slow greek progress Arab Today, arab today world stocks rise on slow greek progress

 



Arab Today, arab today Etiquette expert calls for short visits

GMT 16:21 2017 Monday ,26 June

Etiquette expert calls for short visits
Arab Today, arab today France defies terrorism through tourism

GMT 15:18 2017 Saturday ,20 May

France defies terrorism through tourism
Arab Today, arab today Mai Al-Jeddawi presents décor ideas for Ramadan
View News in Arabic - Business: نفط وبتروكيماويات
Arab Today, arab today
Arab Today, arab today

GMT 09:49 2017 Tuesday ,02 May

Girl barred from Malaysia chess competition

GMT 08:48 2017 Saturday ,06 May

Climate science: Bad news gets worse

GMT 16:25 2017 Sunday ,04 June

“Suhoor” is basic meal for fasting

GMT 06:31 2015 Thursday ,04 June

Pluto's unruly moons

GMT 11:09 2017 Sunday ,25 June

HUAWEI P10 the ‘guru’ of portrait shots
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday