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Market Update

European Markets on a High After Greek Vote

European markets advanced Monday after Greek parliament approved austerity measures required to secure fresh tranche of bailout funds from international lenders to avert a chaotic sovereign default.

The FTSE was up 1.0% at 8.033 a.m. The CAC 40 Paris was up 1.1% while the German DAX gained 1.0%.

EU leaders have asked for a further 325 million euros of spending cuts and commitment from Greek political parties that the austerity measures will be implemented. The euro zone finance ministers are expected to meet Wednesday to decide on the new 130 billion euro bailout.  

Stocks on the move

Financials led the rally across European markets. Credit Agricole jumped 4.3%  while Deutsche Bank added 3%.  BNP Paribas was up 1.9% and HSBC Holdings added 1.2% .

Commerzbank rose 3.6% while Societe Generale enhanced 2.6%.

Cable & Wireless Worldwide surged 30.2% after the telecom company said Vodafone is evaluating a bid for the company. Vodafone, the world’s largest mobile-phone company gained 0.7% on this news.  

France Telecom gained 0.7% on reports that the company is in talks to increase control of its mobile-phone joint venture in Egypt.