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Euro Dollar (AMEX: FXE) and U.S. stock futures (AMEX: SPY) climb on news of Europe deal in the 11th hour.
French President Sarkozy announced a deal tonight at the 11th hour which all parties hope will bring the rolling Greek crisis under control.
Details are sketchy but, apparently, Greek bondholders will take a 50% “haircut” on their holdings and the EFSF (European Financial Stability Facility) will be leveraged to more than 1 Trillion Euros.
The Eurodollar (AMEX: FXE) climbed on the news to 1.394, a gain of +0.37% and U.S. stock futures (NYSE: SPY) gained approximately 1% while Treasury Bonds (AMEX: IEF) declined as “safety” became less popular.
Bottom line: For tonight, at least, it appears that the European Union has dodged yet another bullet. However, it remains to be seen if they can avoid a “credit event” and the resultant global financial chaos with the deal as it currently stands.
Next up come questions about the “credit event” and how markets will interpret this deal in regards to much bigger problems, Spain and Italy.
Wall Street Sector Selector remains offensively positioned, expecting higher prices ahead for the short term.
Disclaimer: Wall Street Sector Selector actively trades a wide range of exchange traded funds (ETFs) and positions can change at any time.
Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.
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