Eurozone Stocks and Optimsim in Greece Grow

Despite nudging a record intraday level of 2,125.92, the S&P 500 equity in New York dropped by 0.4 per cent to 2,108. The Nasdaq Composite fell 0.6 per cent while both closed at record peaks on Friday. 

The FTSR Eurofirst 300 increased by 1 per cent while in Athens banking stocks thrived to power the General Index 4.4 per cent higher. 

Bond prices in Greece have gone up since the country's finance minister, Yanis Varoufakis, fell out with Eurozone counterparts on Friday. The developments have strengthened the market outlook about the possibility of concessions being opened to creditors, as the Greek capital strives to fulfil its commitment s to pensions and salaries and honours repayments to the IMF. 

While Bloomberg quoted Greece's yield on the three-year government bond have fallen 363 basis points to 21.95 per cent, in Germany the ten-year Bund yield showed minimal shift, at 0.16 per cent. The positive outlook on Greece played its part in retriving euro losses against the dollar. 

Speaking to the Financial Times online, Lee Hardman, currency anaylst at Bank of Tokyo-Mitsubishi UFJ said: "There has been little clear evidence yet that the US economy is rebounding strongly following the weak start to the year, which is resulting in the US dollar trading on softer footing now."