BANGKOK - World stock markets shot higher Thursday as investors waded into riskier assets, emboldened by European leaders agreeing on a plan to reduce Greece's massive debts.
Oil prices rose above $92 per barrel while the euro gained strongly following the European summit dedicated to fixing a debt mess in Greece before it provokes a bigger crisis across the continent.
European trading was buoyant from the outset. Britain's FTSE climbed 2.1 percent to 5,670.12. Germany's DAX jumped 3.5 percent to 6,227.61 and France's CAC-40 gained 3.6 percent to 3,282.32. Wall Street also headed toward gains, with Dow Jones industrial futures rising 1.6 percent and S&P 500 futures gaining 1.8 percent.
Shares in Asia posted solid gains earlier in the day. Japan's Nikkei 225 index rose 2 percent to close at an eight-week high of 8,926.54. South Korea's Kospi added 1.5 percent to 1,922.04. Hong Kong's Hang Seng gained 3.3 percent to 19,688.70.
Australia's S&P/ASX 200 jumped 2.5 percent to 4,348.20 after trading resumed following a 4-hour technical glitch.
Benchmarks in Taiwan, Singapore, mainland China, Indonesia, Thailand and the Philippines also rose.
European leaders agreed early Thursday on a plan to provide Greece with more rescue loans to help relieve its crushing debt obligations. It will involve private investors taking bigger losses on the value of their Greek bonds, which would make Greece the first nation that uses the euro currency to be rated in default on its debt.
European Union President Herman Van Rompuy said the deal will reduce Greece's debt to 120 percent of its gross domestic product in 2020. Under current conditions, it would have grown to 180 percent.
In addition, the
Wednesday
July 9th, 2025
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