UPDATE: Markets climb as EU leaders near Greek resolution

clock

European markets have surged on reports eurozone leaders will back a 'selective default' on Greek debt.

The single currency bounced back against the dollar to $1.434, up 0.89%, after morning losses which saw the euro fall to $1.414 against the greenback at 12pm. The main indices are also rebounding on the likelihood of a comprehensive deal on the Greek crisis, which would involve selective default as the key option. Eurozone leaders are set to kick off a crisis response that would involve a bond buyback and a debt swap but no new tax on banks, Reuters reports. The French Cac 40 surged by 1.98%, to trade at 3,828.95 points, followed by the German Dax that posted a leap by 1.26%, to tr...

To continue reading this article...

Join Professional Adviser for free

  • Unlimited access to real-time news, industry insights and market intelligence
  • Stay ahead of the curve with spotlights on emerging trends and technologies
  • Receive breaking news stories straight to your inbox in the daily newsletters
  • Make smart business decisions with the latest developments in regulation, investing retirement and protection
  • Members-only access to the editor’s weekly Friday commentary
  • Be the first to hear about our events and awards programmes

Join

 

Already a Professional Adviser member?

Login

More on Economics / Markets

'Discussion-worthy stuff': Chinese assets under pressure

'Discussion-worthy stuff': Chinese assets under pressure

China has an 18% share of global GDP and only a 3% MSCI ACWI weighting

Chris Justham
clock 02 April 2024 • 2 min read
Why investors 'can't outrun' slow-moving demographics

Why investors 'can't outrun' slow-moving demographics

'Demographic change is a key megatrend'

Darius McDermott
clock 07 March 2024 • 5 min read
Spring Budget 24: Ten key takeaways from Jeremy Hunt's speech

Spring Budget 24: Ten key takeaways from Jeremy Hunt's speech

British ISA, Office for Budget Responsibility, tax cuts

Valeria Martinez
clock 07 March 2024 • 4 min read