U.S. stocks rose after European leaders agreed to boost a rescue fund and tighten budget rules to stem the region’s debt crisis.
European leaders meeting in Brussels tightened anti-deficit rules and agreed to boost their crisis-fighting war chest by as much as 200 billion euros ($267 billion) by funneling money to the International Monetary Fund.
Leaders aim to set up the permanent rescue fund, known as the European Stability Mechanism, in July 2012, a year ahead of schedule. By March, they will reassess plans to cap the overall lending of the ESM and the temporary fund at 500 billion euros. Stock futures pared gains after Chancellor Angela Merkel said Germany opposes adding to the fund’s firepower.
Nikkei 8,536 -128.12 -1.48%
Hang Seng 18,586 -521.58 -2.73%
S&P/ASX 4,203 -77.66 -1.81%
Shanghai Composite 2,315 -14.55 -0.62%
FTSE 5,496 +11.75 +0.21%
CAC 3,134 +38.60 +1.25%
DAX 5,924 +49.16 +0.84%
Crude oil: $97.95 (-0,4%).
Gold: $1715,00 (+0,1%).