Morning Wire -- Futures Rise on Europe’s Summit Deal

US stock futures are rising this morning following an agreement at the Eurozone summit to establish a “fiscal compact” within the monetary union that leaders hope would prevent future skyrocketing debt. The Eurozone also agreed to start building a second €500 billion rescue fund more quickly. The European Central Bank, however, continues to reject the idea of increasing its purchases of sovereign debt, a decision which keeps a lid on the reaction to the summit deal. The euro has gained strength this morning on both the US dollar and the Japanese yen.

At 7:15 a.m. ET, Germany’s DAX is up about 0.1.52% at 5,963.95 and France’s CAC 40 is up about 1.5%, at 3,142.03.

In Asia, Hong Kong’s Hang Seng index is down -2.73%, at 18,586.20. The Nikkei index is down about -1.48%, at 8,536.46, and the Shanghai index is down about -0.62%, at 2,315.27. In London, the FTSE 100 is up about 0.65%, at 5,519.24.

Dow futures are up 0.95%, at 12,058. The Nasdaq 100 is up about 0.93%, at 2,302.75 and the S&P is up about 1.03%, at 1,242.90.

In the currency markets, the euro is up slightly against the US dollar and the US dollar is up slightly against both the yen and the British pound.

In commodities, both WTI and Brent crude are higher this morning, with WTI at $98.94/barrel and Brent at $109.85/barrel. Gold is up about 0.71%, at $1,725.60.