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European shares rise in response to financial boost to Greek economy


European shares rise in response to financial boost to Greek economy


European shares climbed to a six-week high on Thursday after Europe moved to open funding to Greece’s stricken economy.

The regions stock markets also hit session highs after the European Central Bank pressed ahead with its economic stimulus programme, and agreed the rise in its ELA programme for Greek banks.

The pan-European FTSEurofirst 300 index rose 1.5 percent its highest level for more than six weeks.

“Politics have won out, the Greeks are getting money. Until after the German parliamentary elections all will be quiet on the euro front. It is a wonderful victory. That is what we wanted and it is a wonderful victory, a pure short-term victory, a Pyrrhic victory. In the long term, in three years, we will be right back to where we ended up last week,” opined Robert Halver capital markets analyst at Bader Bank.

Stocks worldwide rose on strong corporate earnings reports and relief over Greece’s debt issues.

The US dollar rallied on expectations the Federal Reserve will hike interest rates this year.

Brent crude was up close to 58 dollars a barrel after a power outage closed the UK’s largest oilfield.

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