Investing.com - European stocks soared Friday, in anticipation that European finance ministers will agree to bolster rescue funds at a two day meeting beginning today, as well as the release of U.S. consumer spending data.
In mid European trade, the EURO STOXX 50 gained 1.02%, France's CAC 40 added 1.35%, while Germany’s DAX traded higher by 1.07%. Meanwhile, in the U.K. the FTSE 100 climbed 0.64%.
Sparking the rally, euro zone leaders are forecast to agree on a rescue fund of about EUR800 billion at the two day Copenhagen meeting starting Friday.
The number includes the EUR500 billion permanent rescue fund plus the existing bailouts for Ireland, Portugal, as well as Greece’s second bailout package.
European leaders are attempting to gain balance between additional rescue funds and opposition from donor countries, such as Germany, in an effort to help the regions struggling economies.
In Spanish news, Prime Minister Mariano Rajoy will announce the most austere budget since before the nation’s return to democracy in 1978. Spain risks a deeper recession in an attempt to avoid suffering from the regions debt crisis
Investors are anticipation a U.S. report to indicate increased consumer spending thereby lifting demand for riskier assets.
U.S. consumer purchases climbed 0.6% in February, after a 0.2% gain the previous month, adding to the risk on sentiment.
Automakers advanced with Daimler climbing 3.1% on anticipation of the increased bailout.
HeidelbergCement surged 5.9% after HSBC upgraded the company to overweight from neutral.
Vestas Wind Systems, the world’s largest wind turbine maker, climbed 4.6% on a UBS AG upgrade to neutral from sell.
U.S. futures are sharply higher in anticipation of a strong opening with the Dow futures up 55, the S&P 500 futures higher by 6.80 and the Nasdaq futures ahead by 13.50.
In mid European trade, the EURO STOXX 50 gained 1.02%, France's CAC 40 added 1.35%, while Germany’s DAX traded higher by 1.07%. Meanwhile, in the U.K. the FTSE 100 climbed 0.64%.
Sparking the rally, euro zone leaders are forecast to agree on a rescue fund of about EUR800 billion at the two day Copenhagen meeting starting Friday.
The number includes the EUR500 billion permanent rescue fund plus the existing bailouts for Ireland, Portugal, as well as Greece’s second bailout package.
European leaders are attempting to gain balance between additional rescue funds and opposition from donor countries, such as Germany, in an effort to help the regions struggling economies.
In Spanish news, Prime Minister Mariano Rajoy will announce the most austere budget since before the nation’s return to democracy in 1978. Spain risks a deeper recession in an attempt to avoid suffering from the regions debt crisis
Investors are anticipation a U.S. report to indicate increased consumer spending thereby lifting demand for riskier assets.
U.S. consumer purchases climbed 0.6% in February, after a 0.2% gain the previous month, adding to the risk on sentiment.
Automakers advanced with Daimler climbing 3.1% on anticipation of the increased bailout.
HeidelbergCement surged 5.9% after HSBC upgraded the company to overweight from neutral.
Vestas Wind Systems, the world’s largest wind turbine maker, climbed 4.6% on a UBS AG upgrade to neutral from sell.
U.S. futures are sharply higher in anticipation of a strong opening with the Dow futures up 55, the S&P 500 futures higher by 6.80 and the Nasdaq futures ahead by 13.50.