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ORIGINAL (4:36 AM EDT): European shares are rallying early in trading as investors appear to temper concerns that an immediate Greek exit from the euro is in the cards.The DAX and FTSE MIB are leading the charge, already up 1.3 per cent and 1.2 per cent, respectively.
In the last few days, numerous investment banks have come out with reports saying that Greece may indeed leave the euro, but that the likelihood of a disorderly Greek exit within the next month is small. Further, a report from German newspaper Der Spiegel indicates that Germany has developed a six-part growth plan for Europe.
The strong rally in Europe today follows modest losses in Asian markets. The Nikkei closed 0.20 per cent higher, but the Shanghai Composite fell 0.75 per cent.
UPDATE (6:03 AM EDT): Markets are tempering gains across the pond, and are starting to sell off. The DAX is now up 0.8 per cent, and the FTSE MIB is just 0.4 per cent higher.
UPDATE II (7:12 AM EDT): European equities are now in the red, erasing an earlier rally. The DAX is about flat, but the CAC 40 is down 0.2 per cent and the FTSE 100 is down 0.5 per cent.
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