Tuesday turned out to be a good day for all markets. As such, European equity closed on the rise due to the news from Greece. Greek Finance Minister Yanis Varoufakis suggested that rather than writing off Greece’s debt, it should be restructured into government bonds. Investors liked the idea. As a result, the British FTSE 100 grew 1.32 percent up to 6,871.80 points, the German DAX gained 0.58 percent up to 10,890.95 points, and the French CAC 40 added 1.09 percent finishing the trading session at 4,677.90 points.
In Russia, following a rise in oil prices, the MICEX index grew 1.79 percent up to 1,654.36 points, and the RTS index shot up by 5.48 percent making 786.69 points.
US equity was also up for the same reason – the Dow Jones advanced 1.76 percent up to 17,666.40 points, the S&P 500 BMI grew 1.44 percent up to 2,050.03 points, and the NASDAQ gained 1.09 percent reaching 4,727.74 points.
Strikes by US oil production workers and cost hikes by their companies drove oil prices up. The NYMEX price of WTI oil futures for March went up by $3.48 and made $53.09 a barrel. On London’s ICE, the price of Brent oil futures for March delivery rose by $3.16 and reached $57.91 a barrel.
Yesterday on the Forex market, the euro went up against the dollar in light of reports from Greece. The EUR/USD pair may yet test the level of 1.1450.
Anna Gorenkova, NordFX Analyst