Stocks, Euro Rise as Greece Approves Austerity Plan

Stocks advanced, rebounding from the biggest loss this year, and the euro strengthened while German bonds fell after Greek lawmakers approved austerity plans to secure rescue funds. Oil led commodities higher.

The MSCI All-Country World Index (MXWD) added 0.6 percent at 8:15 a.m. in New York.

Futures on the Standard & Poor’s 500 Index climbed 0.7 percent.

The euro strengthened 0.5 percent to $1.3263, while the yen weakened against all 16 most-traded currencies.

The yield on the benchmark 10-year bund jumped six basis points, with the 10-year Italian yield falling 13 basis points. The S&P GSCI gauge of commodities rose 0.9 percent.

Passage of the austerity bill puts the spotlight on a meeting of euro-area finance ministers Feb. 15 that must decide whether to approve the second bailout.

Rioters protesting the measures battled police and set fire to buildings in downtown Athens.

Italy met its target at an auction today, selling 12 billion euros ($16 billion) of bills as borrowing costs fell.

From: Bloomberg