20 February 2012 at 13:22 GMT
Stocks advance 0.8% in Europe
It has been like a long tennis match exhausting both players but now we are finally seeing the end as a Greek deal is almost done. Eurozone finance ministers meet later today in Brussels and the expectations are that a deal might be announced. With positive comments coming out of Europe from many people such as Head of Eurogroup Jean-Claude Juncker, Austrian Finance Minister Maria Fekter and Greek Prime Minister Lucas Papademos.
The Stoxx 600 is currently up 0.8 percent. Remember US cash equities are closed for trading today due to Presidents' Day. However, the S&P 500 Index futures are trading and are currently up 0.5 percent at 1,367.
News over the weekend that China is lowering banks' reserve requirements by 50 basis points is also giving support to global stocks.
On M&A, TNT Express is up 54.6 percent in Amsterdam after announcing on February 17 that it had rejected a takeover offer from UPS of EUR 9 per share. The shares are currently trading at EUR 9.8 per share signalling that traders are betting that UPS will make a higher bid.