Spreadex Market Update
Asian stocks gain
Greece’s institutional lenders reached a deal early Tuesday in Brussels that is expected to pave the way for the country to receive almost 44 billion euros of financial aid, while bringing its debt down to a controllable level.
A significant step forward, ministers committed themselves to take further steps to lower Greece’s debt “significantly below 110 percent” by 2022. Greece will receive up to 43.7 billion euros in stages as it fulfils the conditions. The December instalment will include 23.8 billion for banks and 10.6 billion in budget assistance while the IMF’s share will only be paid once a buy-back of Greek debt has occurred.
Commodities and Oil trade higher, with oil rising from the lowest level in almost a week after the agreement on aid for Greece, easing concern that Europe’s debt crisis will derail the economic recovery and curb fuel demand.
Barclays, yesterday, was the biggest FTSE faller after its largest investor, Qatar, sold warrants to Goldman Sachs and Deutsche Bank who quickly offloaded the stock in the bank pushing down shares 13.7p lower to 240.5.
Meanwhile, Canadian central bank Chief Mark Carney was announced to head the Bank of England after Mervyn King retires in July.
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