Stocks, Euro Rise on Greek Debt Talks

Stocks (MXWD) climbed around the world, heading for the best January since 1994, the euro strengthened and commodities gained after most countries in Europe agreed to tighter budget controls and Greece made progress on debt talks.

The MSCI All-Country World Index (MXWD) rose 0.6 percent at 9:30 a.m. in New York, taking its monthly gain to 6.2 percent.

The Standard & Poor’s 500 Index added 0.4 percent and is up 4.8 percent in the month.

The euro appreciated 0.2 percent to $1.3169, set for its first monthly advance since October.

The Portuguese 10-year bond yield dropped 135 basis points after reaching a euro-era record yesterday, with the equivalent maturity Italian yield declining nine basis points.

Oil jumped 2.4 percent and copper added 1.2 percent.

European Union leaders, meeting in Brussels yesterday, completed a fiscal-discipline treaty that speeds sanctions on high-deficit states.

Greek Prime Minister Lucas Papademos said he’s “strongly committed” to reaching a debt-swap pact with bondholders.

U.S. consumer confidence strengthened this month and home prices in 20 U.S. cities fell at a slower pace in the year to November, economists said before reports today.

From: Bloomberg