Stock markets showed tentative signs of recovery Tuesday in spite of weak trade figures from China and nervousness over European finance ministers’ progress at a meeting focused on easing Spain’s banking crisis. In early trading in Europe, Britain’s FTSE 100 was up 0.6 percent 5,663.38. France’s CAC-40 was up 1.05 percent at 3,190.27 while Germany’s DAX was also up 0.9 percent at 6,446.29. Futures augured slight gains on Wall Street. Dow futures were up 0.22 percent at 12,713 and S&P 500 futures were up slightly, 0.16 percent, at 1,351.30. Early Tuesday morning, Eurozone finance ministers agreed the terms for Spain’s bank bailout, with up to $30 billion (€24.4 billion) being made available by the end of the month. Representatives from the 27 European union countries are expected to agree later Tuesday to grant an extension on Spain’s program of deficit cuts until 2014. The interest rate, or yield, on Spain’s 10-year bond dropped from a high Monday of 7.03 per cent to 6.86 percent in morning trade. Meanwhile, Germany’s constitutional court is to hear arguments on the legality of one of the bailout funds later Tuesday.
Source: AP
