European stocks climb and euro strengthens after the summit

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Source: Bloomberg
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European shares, shared currency and US market index futures rebounded after region's officials agreed on bolstering the rescue fund and restrict budget rules to tackle area's debt crisis. Overnight talks added $267 bn firepower and stricter anti-deficit regulations.  Stoxx Europe 600 Index gained 1.2% erasing morning loss, futures on Standard & Poor's 500 jumped 1% while euro added 0.5% reaching $1.3405. In contrast, Italian bonds showed contrary effect and 10-year borrowing costs increased 11 b.p. to 6.56%.

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Fri, 09 Dec 2011 17:29:43 GMT

German stocks higher after summit

After extending losses since December 5, German benchmark DAX climbed on Friday 1.6% reaching 5,966.36 as investors anticipated progress on the tackling sovereign debt crisis. German index were mainly supported by financial companies. Deutsche Bank AG jumped 4%, Commerzbank AG surged 1.6% while insurer Allianz SE gained 2.3%. Semiconductor producer Infineon Technologies AG contributed negatively to index, giving up 1% after Texas Instruments Inc reduced company's

Fri, 09 Dec 2011 14:02:52 GMT

Ewald Nowothy: no deflation in the Eurozone

The member of the ECB, Ewald Nowothy, reassured today that there will not be deflation in the Eurozone. The inflation rate in the euro-zone is decreasing slower than expected and despite weak economic growth there are no signs of вЂ?deflation scenario', he added. The HICP inflation is likely fall to 2% in 2012 and to 1.5% in 2013, according to the ECB forecast.

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