Global stocks breathed a collective sigh of relief on Monday, rallying on a weekend agreement over Greece's austerity measures that will cut the value of the country's government bonds and secure another round of bailout funds from the euro zone.
It’s welcome news for traders on the Toronto Stock Exchange, where the S&P/TSX Composite Index tumbled more than 100 points Friday to 12,389.42
The Canadian dollar was up 0.31 cents around 9 a.m. ET Monday to 100.20 cents U.S.
On the corporate front, Bombardier Aerospace has received an order for five Q400 NextGen aircraft from an unnamed carrier valued at $160 million U.S.
Avion Gold Corp. has started production at its new underground mine at the Tabakoto gold deposit in Mali, West Africa, with average production anticipated to be about 470,000 tonnes of ore for the year.
U.S. stocks index futures moved higher with less than half an hour before markets open, suggesting that stocks will rise at the start of trading. Futures for the Dow Jones industrial average were up 83 points, or 0.7%, to 12,850. Futures for the broader S&P 500 rose 9.10 points or 0.7%, to 1,349.70, and those for the Nasdaq Composite Index jumped 16.5 points, or 0.7%, to 2,565.
In Europe, the U.K.'s FTSE 100 rose 1% and Germany's DAX index rose 0.7% in afternoon trading.
Most major indexes sagged on Friday, over concerns that Greece could slide into a messy default as it missed successive deadlines to approve austerity measures.
Now, investors appear to be overlooking violent rioting in Athens, highlighting the unpopularity of austerity measures and the fact that other hurdles in the debt crisis remain -- such as actually implementing the widespread budget cuts.
In Asia, Japan's Nikkei 225 rose 0.6% in overnight trading, even as the country's gross domestic product fell 2.3% in the fourth quarter over the previous quarter.
Commodity prices rose, with crude oil up 1.2%, to $99.80 U.S. Gold rose 0.4%, to $1,731.90 U.S.
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