9th December 2011
Following the announcement that a deal has been reached between the 23 EU member states to improve financial stability in the eurozone, global markets have responded favourably.
In particular, the FTSE 100 has risen by 35 points (0.6 per cent) in trading so far this afternoon (December 9th).
The UK pulled out of negotiations over the EU treaty after prime minister David Cameron used his veto. However, a separate deal went ahead anyway without any changes and could spell the end for uncertainty over the future of many of the region's most vulnerable economies.
"Depending on your politics, Britain has either isolated itself from the rest of Europe, or saved itself from a currency and fiscal union doomed to low growth for the foreseeable future," commented market analyst at IG Index Christopher Beauchamp.
Either way, markets have responded favourably so far today, while the news follows a 0.25 increase in the FTSE 100 yesterday after the European Central Bank announced it has reduced its interest rates by 25 basis points to one per cent.
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