Risk assets enjoyed another positive session after Germany’s highest court gave the go-ahead for Europe’s new bailout fund, removing a significant obstacle to efforts to resolve the region’s debt crisis.
But the initial wave of buying that followed the news – which sent European stocks to a 14-month high and the euro to a four-month peak above $1.29 – subsequently showed signs of fizzling out as the grim economic reality facing the region continued to cast a shadow over the markets.
Nevertheless, there was a palpable sense of relief at the decision by Germany’s constitutional court to reject a petition to prevent the country from signing up to the European Stability Mechanism, the region’s permanent financial rescue fund.
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