Before the bell: Greek hope, U.S. data fuels markets

All signs are pointing to a Greek bailout and strong U.S. economic data released yesterday has bolstered global markets Friday morning.

Though the deal has yet to be closed, investor sentiment improved dramatically after Eurozone finance ministers hinted Greece had done enough to secure the €130 billion (US$170 billion) aid it so desperately needs to avoid bankruptcy. Moreover, the European Central Bank indicates it'll swap Greek bonds for new ones in an effort to help to cut €100 billion off Greece's debt.

Stateside, a string of better-than-expected data in housing, manufacturing, and jobless numbers released Thursday shows the world's largest economy remains on the road to recovery.

The benchmark Stoxx Europe 600 Index was recently 0.4 per cent higher at 265.49. London's FTSE 100 rose 0.3 per cent to 5902.78, Paris's CAC-40 rose 1 per cent to 3426.49 and Frankfurt's DAX was 0.7 per cent higher at 6798.54. The euro currency is fetching US$1.3124.

In Asia, shares rose on the positive U.S. data. Hong Kong's Hang Seng Index gained 1 per cent to 21491.62, Japan's Nikkei Stock Average advanced 1.6 per cent to 9384.17 and South Korea's Kospi climbed 1.3 per cent to 2023.47. Australia's S&P/ASX 200 Index rose 0.3 per cent to 4195.9. The Shanghai Composite Index was virtually unchanged at 2357.18.

On Wall Street, U.S. futures point to a mixed opening. Futures on the Dow Jones Industrial Average rose 12 points to 12882. S&P 500 Index futures were unchanged at 1354.80, while Nasdaq 100 futures lost 1.5 points to 2592. On the economic data front, investors will be eyeing the U.S. consumer-price index for January due this morning.

Here at home, Canada's benchmark S&P/TSX Composite Index was up 123.57 points to 12,485.59 at closing on Thursday. The TSX Venture Exchange climbed 14.53 points to 1,648.11. The Canadian dollar is trading at 100.35¢ US.