Stocks Climb as Bunds, Yen Slide on Easing Greece, China Concern

Stocks rose around the world and the euro advanced with Italian and Spanish debt amid speculation Greece may be able to secure a bailout and as Chinese shares rallied a second day. The yen retreated with German bunds.

The Stoxx Europe 600 Index climbed 1.5 percent by 8:12 a.m. in London, while Standard & Poor’s 500 Index futures gained 1.1 percent. The Shanghai Composite Index took its two-day gain to 11 percent. The euro strengthened 0.6 percent to $ 1.1098, and gained 1 percent versus the yen. Ten-year German yields surged nine basis points, while the rate on similar Italian notes tumbled 11 basis points. U.S. crude oil pared its second straight weekly decline.

The Greek parliament meets to discuss the government’s proposal for a bailout loan of at least 53.5 billion euros ($ 59.4 billion) from the European Stability Mechanism. The Shanghai Composite is heading for its first back-to-back gain since June 24 after the government banned insiders from selling stocks, with almost half of listed companies halted. Federal Reserve Chair Janet Yellen speaks on the U.S. economic outlook Friday.

Source : Bloomberg