Markets climbed at the open this morning as news of an agreement on aid for Greece lifts investors’ appetite for risk. European leaders backed a proposal that would see emergency funding available to Greece should conditions worsen, backed in part by the IMF. The package of loans would carry an interest rate higher than current market rates as an incentive for Greece to return to market financing as soon as possible. Helping matters this morning was a slightly better than expected consumer sentiment index, as well as a rash of analyst upgrades on companies such as Apple and Research in Motion. The TSX is up 60 pts. The Dow is up 62 pts.
The Loonie is paring recent gains, shedding another 40 bps this morning to US$.9718. Bond yields have climbed higher with the 5-year Canada yielding 2.87% and the 10-year 3.57%. Oil is off a quarter to US$80.26/barrel. Gold is up $10 to US$1102.90/oz.
