The Malta Independent 14 June 2024, Friday
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Europe Stable as investors awaited the U.S. government’s monthly jobs report

Malta Independent Saturday, 10 March 2012, 00:00 Last update: about 13 years ago

On Friday European stocks were little changed, halting a two-day rally, as Greece’s private creditors agreed to a debt swap and investors awaited the US government’s monthly jobs report. US index futures were also little changed, while Asian shares rose.

The Stoxx Europe 600 Index slid 0.1% to 263.99 at 11:24 a.m. in London after Greece announced the results of the private-sector involvement in its debt restructuring. The gauge is headed for a 1.2% drop this week.

The Stoxx 600 has rallied 67% since March 9, 2009, when the index reached its lowest level in more than 12 years. The Stoxx 600 has gained 7.9% this year as the European Central Bank lent regional financial institutions more than €1 trillion for three years and US economic reports topped estimates.

Greece’s government said that bondholders tendered €152 billion of Greek-law bonds, or 85.8%, for the debt swap. The Mediterranean nation will swap their holdings for new securities under the debt exchange.

Asian stocks rose for a second day as Greece struck a deal with creditors to help Europe contain its debt crisis and slowing inflation gave Chinese authorities room to stimulate growth in the world’s second largest economy.

The MSCI Asia Pacific Index gained 1.1% in Tokyo. The measure has lost 0.6% this week, snapping a record 11-week advance. The gauge has risen 80% since March 2009, the bottom of a global equities slump that followed the collapse of Lehman Brothers Holding Inc., as central banks from China to the US eased monetary policy. Japan’s Nikkei 225 Stock Average rose 1.7%. The gauge outperformed every other major Asian equity index during the day, rising above 10,000 for the first time since the 1st August. A decline in the yen against the dollar buoyed shares of exporters.

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