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Hopes for Greek deal keep stocks rising as euro falls against dollar

Hopes that Greece could be approaching a deal with creditors to secure bailout funding underpinned a second day of gains for European stocks yesterday. However the euro fell sharply against the dollar despite encouraging eurozone economic data, as currency markets focused on the policy divergence between the US and most global central banks. Greek equities followed up Monday's 9% leap with a gain of 6.1%; the FTSE Eurofirst 300 index rose 1.1% for a two-day gain of 3.5%; and the Xetra Dax in Frankfurt climbed a further 0.7% after the previous day's 3.8% jump. However signs of fatigue emerged on Wall Street after the S&P 500 tested record highs on Monday. The US equity benchmark was flat at 2,122 at midday in New York, while the Nasdaq Composite was down 0.1% from record territory.

 

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