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European markets rally

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European markets rally


The financial markets gyrations continued on Wednesday – they were up after three days of major losses that took shares prices to their lowest levels in two years.  
Stock market indexes rose after Germany’s top court rejected lawsuits aimed at blocking Berlin’s participation in bailout packages for Greece and other euro zone countries.
Financial analyst Robert Halver of Baader Bank in Frankfurt said: “The markets were well aware that the Constitutional Court could not make a different decision. Had the court ruled that the European bailout programme was unconstitutional, we would have witnessed the sudden death of the euro zone today.”
ING economist Carsten Brzeski said: “Today’s ruling should bring some relief to financial markets as a total chaos scenario has been avoided but it should not lead to euphoria.”
“The ruling confirms our view that the German piecemeal approach on the debt crisis is not likely to change but eventually the German parliament will vote in favour of a second Greek bailout package and the beefed-up EFSF.”
The euro rose against a wide range of currencies.
Investors have also been encouraged by upbeat financial data including better-than-expected numbers from the US services sector and reports of new efforts by President Obama to create jobs there.  

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