Photo: dafuriousd via Flickr
European markets are mixed after early trading, despite Greece’s success in pulling off a bond swap deal that is essential for the implementation of its second bailout.In early trading, the DAX is up +0.25%, the CAC 40 down -0.01%, and the FTSE 100 off -0.09%.
That follows sizable rallies in Asian markets. The Nikkei led the charge, closing up +1.65%. The Hang Seng closed up +0.89%.
We’ll hear more about the Greek bond swap deal and its second bailout later today, when Greek Finance Minister Evangelos Venizelos speaks at 5:30 AM EST.
At some point today, investors will also be looking for a ruling from ISDA–the organisation that determines when a credit event has occurred–for confirmation that this is what has or will happen in Greece.