EUROPE - European markets rallied this morning on news the European Union will support troubled Greece if it introduces additional spending cuts and a privatisation programme.
Greece faces a crucial vote of confidence on Prime Minister George Papandreou's new cabinet today, its first step towards gaining a vital €12bn ($17bn) loan funded by the EU and the International Monetary Fund.
Greece needs this latest instalment of the EU and IMF' s €110bn aid package by July to be able to keep up with payments to creditors of its huge debts, which amount to roughly €30,000 per person, the BBC reports.
However, despite the impending vote, markets moved higher in early trading, with the FTSE 100 gaining roughly 0.47% to reach 5,720.06. In France, the Cac 40 gained 0.74% to reach 3,827.96, while the German Dax climbed 0.75% to reach 7,203.81.
Markets in the US also gained last night. The Dow Jones increased by 0.63% to reach 12,080.40, while the S&P 500 Index climbed 0.54% to 1,278.36.
A number of pension schemes have been prompted to lock in gains with a move into bonds after the estimated deficit across FTSE 100 DB pension schemes improved by £36bn, over the 12 months ending 30 June last year, JLT Employment Benefits found.
HM Treasury has agreed in principle to give NEST a £329m contingent liability guarantee in the event of the master trust's wind up or closure.
AMP Capital has set up a dedicated team to help institutional investors, including pension funds, invest in infrastructure through direct equity allocations.