Europe Stocks Rise 7th Day as Greek Lawmakers Pass Bailout Terms

European stocks rose for a seventh day, their longest streak since January, as Greek lawmakers accepted creditor proposals necessary for a new bailout.

The Stoxx Europe 600 Index added 0.6 percent to 402.24 at 8:07 a.m. in London. Optimism over a resolution of the Greek crisis has helped the Stoxx 600 rebound 7.9 percent from a July 7 low, after falling almost 10 percent from an April record.

Following more than four hours of debate stretching into the early hours of Thursday, 229 members of Greece 300-seat parliament approved new austerity measures that are a precondition for getting as much as 86 billion euros ($ 94 billion) in aid. Among those who opposed the bill were 32 members of the ruling Syriza group, indicating that Prime Minister Alexis Tsipras may have lost his majority.

The International Monetary Fund has said that the country needs more debt relief than the creditors have proposed.

Investors will now look to the European Central Bank which announces its interest rate decision today  for indications as to whether it will grant fresh liquidity to help Greek banks gradually re-open. ECB President Mario Draghi speaks to the press from 2:30 p.m. in Frankfurt.

Source : Bloomberg

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Europe Index Futures Rise as Greek Lawmakers Pass Bailout Terms

European stock-index futures advanced after Greek lawmakers passed controversial creditor proposals necessary for a new bailout.

Futures on the Euro Stoxx 50 Index expiring in September added 0.6 percent to 3,647 at 7:08 a.m. in London. European stocks on Wednesday capped their longest stretch of gains since February as utilities rallied. Optimism over Greece has helped the Stoxx 600 rebound 7.3 percent from a July 7 low, after falling almost 10 percent from an April record.

After more than four hours of debate stretching into the early hours of Thursday, 229 members of Greece’s 300-seat parliament approved new austerity measures that are a precondition for getting as much as 86 billion euros ($ 94 billion) in aid. Among those who opposed the bill were 32 members of the ruling Syriza group, indicating that Prime Minister Alexis Tsipras may have lost his majority.

Source : Bloomberg

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