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Euro rallies and stocks inch higher as mood shifts over fate of Greece

Global stocks and the euro moved higher yesterday as participants largely shrugged off the latest failure of talks on the terms of Greece's international bailout, despite mounting concerns among analysts over the risk of the country exiting the eurozone. Greek assets came under renewed pressure following the breakdown of Monday's meeting of eurozone finance ministers, but the losses were nowhere near as severe as those seen during some recent sessions. The ATG share index fell 2.5% while the yield on Greek three-year government bonds rose 103 basis points to 18.61%. Elsewhere the mood was relaxed – by midday in New York, the S&P 500 was down less than 0.1% from Friday's record closing high as trading resumed after the Presidents' Day holiday. The FTSE Eurofirst 300 recovered from a modest early retreat to end 0.2% higher, while the Nikkei 225 in Tokyo fell 0.1%.

 

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