The International Monetary Fund on Friday joined the European Union in pledging support for Greece in its struggle to bring its ballooning budget deficit under control and contain its debt crisis.
Stocks rose on Thursday after a pledge by European leaders to support debt-laden Greece eased fears of a broader euro zone crisis and upbeat data from China spurred mining and material stocks.
U.S. stocks rose on Thursday after a pledge by European leaders to support debt-laden Greece eased fears of a broader euro zone crisis and upbeat data from China spurred mining and material stocks.
The euro fell against the dollar on Thursday as investors were disappointed with the lack of details regarding a European Union deal to support heavily-indebted Greece. The euro zone currency also dropped against the yen and sterling after European leaders sought to prop up Greece with words of support at a summit on Thursday, but failed to make concrete pledges, describing the promise of support as a political statement.
European leaders struck a deal to provide financial aid to Greece on Thursday, in an unprecedented move to stave off a broader crisis in the 16-nation bloc that shares the euro single currency.
Stocks rose on Thursday as appetite for riskier assets returned after a pledge by European leaders to support debt-ridden Greece eased fears of a possible sovereign default.
European leaders sought to prop up Greece with words of support at a summit on Thursday but failed to offer concrete proposals to help the country tackle its debt crisis, prompting a negative market reaction.
European leaders have reached a deal to provide aid to Greece, EU president Herman Van Rompuy said on Thursday, in an unprecedented move to stave off a broader crisis in the 16-nation bloc that shares the euro.
European Union leaders are expected to lay the foundations for a financial rescue of Greece at a summit in Brussels on Thursday, but any package of support is likely to require major economic adjustments by Athens.
The euro rose on Thursday ahead of a key EU summit that could lay the groundwork for a rescue of debt-stricken Greece, while Asian stocks gained for a third day, powered by strong economic data from Australia and China.
Asian stocks rose for the third day in a row on Thursday, powered by strong economic data from Australia and China, while the euro steadied ahead of a key summit that could lay out a rescue plan for debt-stricken Greece.
The Australian Dollar opens slightly lower today against its U.S. counterpart at 0.8755.
Euro zone countries held intensive talks on Wednesday on a possible rescue for debt-laden Greece while civil servants in Athens staged the first big strike against government austerity plans.
European nations finally gave some public indications this week that they may orchestrate some sort of bailout for Greece as investors grow increasingly concerned.
European governments are considering various options to help heavily indebted Greece in what would be the first rescue of a euro zone member in the currency's 11-year history.
Stocks are nearly flat this morning as investors monitor the progress of a possible Greece bailout, digest a slew of economic data, and eye Fed Chairman Ben Bernanke's written testimony at 10:00 am EST and the European Union Economic Summit on Thursday.
Firming expectations of a Greek bailout lifted world stocks, the euro and commodity prices on Wednesday, and sent Greece's borrowing costs lower.
World stocks rose on Wednesday and Greece's borrowing costs fell on the prospects of a Greek bailout, while safe-haven German government bond prices dipped and the euro eased after the previous session's hefty gains. Oil prices fell after data showed a large build in U.S. inventories but gold prices were flat, taking a pause from Tuesday's rise.
Japan's Nikkei average rose 0.5 percent on Wednesday, with blue-chip shares that had been sold off on concerns about fiscal stability in Europe regaining ground with news of potential aid for heavily indebted Greece.
The space shuttle Endeavour and its six astronauts arrived at the International Space Station on Tuesday, carrying the station's last two main components.
European governments have agreed in principle to help heavily indebted Greece, a senior German coalition source said on Tuesday, in what would be the first rescue of a euro zone member in the currency's 11-year history.
Asian stocks rose on Wednesday on signs that the European Union may rescue debt-strapped Greece, coaxing nervous investors back to riskier assets, but uncertainty over the plan weighed on the euro.
