Greece and the rest of the PIIGS were hurting us for so long that it seems hard to believe that the Europeans are setting a 50% haircut for the Greek sovereign debt and that they have agreed to a $1.4 trillion (1 trillion Euro) Euro-zone rescue package. The news is causing a major rally in the stock markets with the German DAX up over 4% and the French CAC up 5%. The FTSE in England is up 2.6% and the Greek stock market (there actually is one) is up over 6.5%. European ADRs are leading the markets higher this Thursday… Much higher.
Alcatel-Lucent (NYSE: ALU) is up over 2.5% at $2.80 and shares are up 5.1% in local trading in Paris.
Arcelor Mittal (NYSE: MT) is up almost 7% at $20.95 and BHP Billiton Ltd. (NYSE: BHP) is up 5.1% at $82.07.
Banco Santander, S.A. (NYSE: STD) is up 5.6% at $8.87 and the stock was up 6.1% in local trading in Madrid.
The Bank of Ireland (NYSE: IRE) is up 6.2% at $6.17 and shares are up 7% in local trading in Dublin.
Credit Suisse Group (NYSE: CS) is flying with shares up 9.6% at $30.67 and UBS AG (NYSE: UBS) is up 7.8% at $13.65.
Deutsche Bank AG (NYSE: DB) is up a whopping 14% at $46.00 and shares are up 15% in Frankfurt.
France Telecom (NYSE: FTE) is up 1.5% at $18.58 in New York and shares are up 1.5% in Paris as well.
Koninklijke Philips Electronics NV (NYSE: PHG) is up about 6% at $22.23.
LM Ericsson Telephone Co. (NASDAQ: ERIC) is up 5.6% at $10.83; Nokia Corporation (NYSE: NOK) is up 5.3% at $7.13.
National Bank of Greece SA (NYSE: NBG) is up 15.6% at $0.545 in New York but shares are up 12.2% in local trading in Athens.
Siemens AG (NYSE: SI) is up 3.1% at $108.58 in New York and shares are up 3% in local trading in Frankfurt.
Telecom Italia SpA (NYSE: TI) has not yet traded in New York but shares have a pre-trade indication of $13.20 versus a $12.73 close in New York; shares are up 4% in local trading in Milan.
iShares MSCI Italy Index (NYSE: EWI) is up 1.8% at $14.05. iShares MSCI France Index (NYSE: EWQ) is up 4.4% at $22.45 and iShares MSCI Germany Index (NYSE: EWG) is up 4.4% at $22.12.
JON C. OGG