Relief but not euphoria for Europe markets
European markets expressed relief but not outright euphoria Monday after Greece secured the basis for a last-minute debt deal with its creditors.
Stock benchmarks iacross the eurozone were up as Germanys' DAX index gained 1.5% and France's CAC 40 gained 1.9%. Britain's FTSE 100 added 1%.
The euro initially rose against the dollar on the news of an agreement but then retreated as it fell to $1.1026 from $1.1157 on Friday.
Stocks on Wall Street also rose Monday as the Dow Jones industrial average was up 1% in afternoon trading and the Standard & Poor's 50 index gained 0.9%. and S&P 500 futures added about 0.7%.
Earlier, in Asia, China's Shanghai composite closed up 2.4% and the Nikkei 225 rose 1.6%. Both of those moves came before Athens and its international creditors reached tentative agreement for Greece to receive fresh financial support in return for reforms.
The market's reacted positively but investors realize that European parliaments, including Greece's, still need to ratify the plan.
The agreement, which paves the way for Greece to receive its third bailout — this time worth approximately $95 billion — nevertheless removes considerable uncertainty over whether Greece can remain in the 19-nation eurozone.