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Premarket: Stocks find stability, but investors on edge Add to ...

Equity investors cautiously edged into the market after signs emerged that Greece will not default on its debt.

Britan's FTSE 100 gained 0.5 per cent, while France's CAC 40 was just 0.1 per cent higher. German investors were slightly more circumspect, with the DAX dipping just 0.1 per cent after reports emerged that German banks and the government had agreed on a plan to roll over Greek debt holdings.

Dow futures gained 0.2 per cent, while S&P 500 futures inched 0.1 per cent higher.

Greece's parliament was set to approve detailed austerity and privatisation bills on Thursday to secure emergency funds and avert imminent bankruptcy. Belgian Finance Minister Didier Reynders said euro zone finance ministers were likely to agree to release a next tranche of loans to Greece at a meeting on Sunday.

The euro was up 0.2 per cent at $1.4467 (U.S.) and has risen 2.1 per cent so far this quarter, taking its first-half gain to more than 8 per cent, boosted by euro zone interest-rate differentials with the United States. The European Central Bank is expected to raise interest rates next week from 1.25 per cent.

The loonie rose to $1.0344 (U.S.). It was trading just above parity, at $1.0068, at the start of the year.

Oil slipped to $94.63 a barrel, down 14 cents, after gaining 2 percent in the previous session.

The MSCI All-Country World Index was down 1.3 percent in April-June and on track for its first quarterly loss in a year.

U.S. Treasuries were boosted by the uncertainty, despite the Federal Reserve's plan to end its bond-buying programme this month. Yields on 10-year U.S. Treasuries have fallen about 38 basis points so far this quarter.

Copper prices climbed 0.3 percent, though the metal is down 0.9 per cent so far in the second quarter.

Gold slipped 0.2 per cent to trade above $1,500 an ounce. The precious metal is up 5.5 per cent this quarter, on track for its 11th straight quarter of gains.

 

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