Global markets close with moderate gains after Greek deal

Excerpts from Power Breakfast on CNBC-TV18 Watch the full show »

By Gautam Broker, Research Analyst at CNBC-TV18

**We have a deal! But the story is not over yet, need a final confirmation 

Greece polity finally has an agreement on austerity on Thursday; Greek Finance Minister says they have struck a deal with private bondholders

Deal now goes to troika for their approval; but the ratification will take time. 

Greek parliament will meet on Sunday where reforms will have to be legislated 

Greece has been given time until Wednesday to identify € 325 million in spending cuts 

Once these are in place, troika take a call - All this needs to be in place by February 15th

**ECB, BOE met yesterday 

ECB relaxed its collateral rules for banks' access to long-term refinancing operation (LTRO); no rate change

BoE increased its quantitative easing by £ 50 billion to £ 325 billion

** Modest reaction across markets on Thursday

US markets closed higher with moderate gains: Dow Jones was up 6 points at 12,890.5; S&P 500 Index rose 0.2% at 1,352; Nasdaq Composite was up 0.4% at 2,927

Initial jobless claims fell by a sizeable 15000 to 3,58,000; consensus expected 3,70,000

Claims are now down to a near 4-year low; monthly average went down to 3,66,000 - best since April 2008

European markets too closed with moderate gains: DAX was up 0.6%; CAC went up 0.4%; FTSE climbed just 0.3%
      
Asia Today

Kospi was down 0.8%

Shanghai and Taiwan Weighted fell 0.2%

Straits Times was up 0.2%.

SGX Nifty declined 16 points at 5,432.

Currencies

Euro was volatile yesterday, but it is largely unchanged now.

Euro is at 1.328 to the dollar after a high of 1.3291 today

Dollar Index was at 78.6

Commodities

Brent crude gained for eighth consecutive session today; it rose 1.2% to USD 118.6/barrel

Market shrugs off OPEC demand growth cut to 940kbpd, down by 120kbpd

WTI crude went up 1.1% at close to USD 100/barrel

Gold was hovering around USD 1730/ounce

LME Copper saw 5-month highs yesterday

Commodities were in a profit booking mode this morning, went down around 0.5% 

Cues

US Consumer Sentiment

US December trade deficit

Ben Bernanke speaks at the NAHB event

Also China trade data, Germany's CPI, French industrial production, UK PPI