Euro Strengthens as Stocks, Commodities Gain on Greek Aid Plan
April 12 (Bloomberg) -- The euro gained for a third day against the dollar, stocks climbed and commodities rose after European governments unveiled a plan to halt Greece’s fiscal crisis. Treasuries declined and Asia credit default swaps fell.
Europe’s currency strengthened 1 percent against the dollar to $1.3649 at 4:12 p.m. in Tokyo and rose versus all 16 of its most-traded counterparts. The MSCI World Index added 0.4 percent, and Standard & Poor’s 500 Index futures advanced 0.2 percent. The Stoxx 600 increased 0.1 percent. Copper gained 0.6 percent and oil rose 0.3 percent. Shares in Thailand plummeted following anti-government riots in Bangkok that killed 21.
Euro-region finance ministers pledged as much as 45 billion euros ($61 billion) in loans at below-market interest rates to help rescue debt-plagued Greece and restore confidence in the European currency, which weakened 4.8 percent against the dollar this year. The bailout, combined with expectations of faster economic growth in India and South Korea, improved investor sentiment in Asia, where the MSCI Asia Pacific Index rose 0.2 percent to 128.45.
“The development in Greece is giving market sentiment a boost because it eases concerns of a default among European nations facing debt problems,” said Olan Caperina, a fund manager at Bank of the Philippine Islands, which manages $9.7 billion. “Investors have reasons to turn positive and put money into the markets.”
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