AFP, New York :
Global stock markets got a boost Tuesday from an upturn in Chinese inflation and a possible deal on the next stage of Greece’s bailout to avert a looming crisis.
Eurozone finance ministers agreed Monday to reach an agreement on debt relief and unlocking bailout cash for Greece by May 24 after Athens passed tough reforms that were prerequisite of a deal.
The 19 ministers meeting in Brussels are now expected to sign off within days on the release of 5.4 billion euros in fresh money for Athens, averting a possible default that has loomed over the eurozone.
Potentially mitigating another global worry, producer prices in China dropped at their slowest rate in 16 months in April, while consumer prices climbed 2.3 percent, possible signs of a turning point for the world’s second-largest economy.
The good news-along with a more than three percent rise in crude prices-sent Wall Street shares 1.3 percent higher and Europe’s major bourses up between 0.4 percent and 0.7 percent, with Frankfurt’s DAX 30 topping 10,000.
“Whilst the market enthusiasm for the day’s Greek good news began to wane this afternoon, a strong US open helped secure a decent chunk of the morning’s European gains,” said Spreadex analyst Connor Campbell.
Global stock markets got a boost Tuesday from an upturn in Chinese inflation and a possible deal on the next stage of Greece’s bailout to avert a looming crisis.
Eurozone finance ministers agreed Monday to reach an agreement on debt relief and unlocking bailout cash for Greece by May 24 after Athens passed tough reforms that were prerequisite of a deal.
The 19 ministers meeting in Brussels are now expected to sign off within days on the release of 5.4 billion euros in fresh money for Athens, averting a possible default that has loomed over the eurozone.
Potentially mitigating another global worry, producer prices in China dropped at their slowest rate in 16 months in April, while consumer prices climbed 2.3 percent, possible signs of a turning point for the world’s second-largest economy.
The good news-along with a more than three percent rise in crude prices-sent Wall Street shares 1.3 percent higher and Europe’s major bourses up between 0.4 percent and 0.7 percent, with Frankfurt’s DAX 30 topping 10,000.
“Whilst the market enthusiasm for the day’s Greek good news began to wane this afternoon, a strong US open helped secure a decent chunk of the morning’s European gains,” said Spreadex analyst Connor Campbell.
