European stocks
extended their biggest rally since 2011, with benchmark gauges of
Portugal and Italy surging more than 10 percent in four days, as Greece
and its creditors reached an agreement paving the way for a new bailout.
The Stoxx Europe 600
Index rose 2 percent to 396.46 at the close of trading in London, taking
its four-day increase to 6.4 percent. Portugal’s PSI 20 Index advanced
1.8 percent, and Italy’s FTSE MIB Index climbed 1 percent. Spain’s IBEX
35 Index added 1.7 percent, sending its four-day jump to 8.5 percent.
A U.S.-listed
exchange-traded fund tracking Greek equities fell 3.4 percent after
earlier gaining as much as 5.3 percent in New York. American depositary
receipts of National Bank of Greece SA dropped 2.5 percent, reversing a
12 percent jump.
Source : Bloomberg
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