MWL Secretary General stressed the need for unrestricted delivery of humanitarian aid to the Palestinians by opening all crossings
The advance came despite denials that the International Monetary Fund was readying a $600 billion rescue package for Italy and that the eurozone’s six triple-A rated countries were preparing to float bonds together and use the proceeds to provide assistance to some of the single currency bloc’s indebted members, such as Italy and Spain.
Investors are clearly hoping that the recent signs of deterioration in the debt crisis will finally get Europe’s leaders to agree on a package of measures that can ease market concerns over whether the euro currency itself can survive. Anecdotal evidence that the U.S. enjoyed a strong day for retailing last Friday after Thanksgiving Day has eased concerns that the world’s largest economy will slide back into recession.
“While positive news provides a welcome relief for the markets it cannot detract from the fact that the future of the eurozone is hanging in the balance,” said Jane Foley, an analyst at Rabobank International.
In Europe, the FTSE 100 index of leading British shares was up 2.1 percent at 5,272 while Germany’s DAX rose 2.9 percent to 5,653. The CAC-40 in France was 3.6 percent higher at 2,961. The euro meanwhile was 0.7 percent higher at $1.3385.
Wall Street was poised for a strong open too — Dow futures were up 2.3 percent at 11,445 while the broader Standard & Poor’s 500 futures rose 2.9 percent to 1,187.
Many in the markets think that the euro project, as currently designed, is at a crucial turning-point. With more and more governments finding it prohibitively expensive to borrow money to finance their debts, there’s a groundswell of opinion that says the euro’s days are numbered. Belgium, Italy and France all have big bond issues this week. More failures on that front following last week’s disappointing auction from Germany could stoke further turmoil.
“The success or otherwise of these auctions may determine the future of the EU,” said Gary Jenkins, an analyst at Evolution Securities. “We do seem to be moving slowly towards more of a fiscal union but at a pace that may result in all the components being put in place after a complete meltdown of the financial system.”
Credit rating agency Moody’s issued a similar warning Monday. It said the “rapid escalation” of Europe’s financial crisis is threatening the creditworthiness of all eurozone governments, even the most highly rated. Only six of the eurozone’s 17 countries have the top rating — Germany, France, Austria, the Netherlands, Luxembourg and Finland.
And the Organization for Economic Cooperation and Development said policy makers around the world must “be prepared to face the worst,” as the economic impact of Europe’s debt crisis threatens to spread around the developed world.
The Paris-based OECD says in its latest Economic Outlook that continued failure by EU leaders to stem the debt crisis that has spread from Greece to much-bigger Italy “could massively escalate economic disruption” and end in “highly devastating outcomes.”
The bi-annual report released Monday recommends urgently boosting the EU bailout fund and calls on Europe’s central bank to do more to stem the crisis.
Oil prices tracked equities higher too — benchmark crude for January delivery was up $3.53 to $100.30 per barrel in electronic trading on the New York Mercantile Exchange.
MWL Secretary General stressed the need for unrestricted delivery of humanitarian aid to the Palestinians by opening all crossings
In the initial phase, the organisation will process 600 applications from individuals who meet the required conditions
Israeli forces carried out similar strikes in some other parts of the Hamas-run territory overnight, killing at least 10 people
The suspect was believed to be the key figure behind the January 28 attack
The total number of captives exchanged between the two countries in these mediations to 1994 prisoners
Both CCI reports said that during investigations Amazon and Flipkart 'deliberately downplayed' allegations of exclusive launches
The makers released the show's trailer on Instagram on Saturday, giving fans a sneak peek at what's to come
With airfares soaring and long waits to secure visas, 'seacations' are now becoming all the rage among travel enthusiasts