Eurozone Live Blog
European shares up in early trade after good showing by Asian markets on back of $125bn eurozone rescue deal. More soon...
European and Asian stock markets have gained a day after the eurozone agreed to lend Spain up to 100 billion euros ($125bn) to save its struggling banks.
Spanish bank shares leapt almost 6.0 per cent on Monday morning on their first day of trade following the deal to recapitalise the country's struggling lenders, with Madrid's IBEX 35 benchmark index soaring higher to 6,929.9 points in early morning trading.
London's FTSE 100 index jumped 1.80 per cent to 5,532.92 points, Frankfurt's DAX 30 soared 2.04 per cent to 6,255.65 points and in Paris the CAC 40 rose 1.98 per cent to 3,110.96 points as investors lapped up financial shares in the opening deals.
The Asian stocks also registered gains in the wake of the deal, with Tokyo’s Nikkei closing up 2.0 per cent.
The euro rose nearly one per cent to $1.26694 on Monday, its highest level since May 23.
On the bond market, the yield on Spanish 10-year government bonds dipped 20 basis points to 6.05 per cent with two-year yields falling to 4.21 per cent.