At a summit in Brussels, euro-zone leaders committed on Friday to an inter-governmental accord on tougher fiscal rules that will likely be adopted by 26 European Union nations, with Britain the only member definitively refusing to join the agreement.
Upward momentum for European stocks was cemented as a U.S. consumer sentiment survey showed the highest reading since June.
“In a world of black and white, we’re certainly not white, but the shade of grey is somewhat lighter,” she said.
“I’ve had an extremely different reaction when I’ve talked to the bond side who are totally, totally underwhelmed by progress made,” said Hudson. “We’re still seeing big divisions between what the bond markets and what equity markets are reading in.”
Goldman Sachs on Friday lifted its recommendation on European banks to neutral from underweight, saying new funding arrangements agreed by the European Central Bank and other central banks should “significantly help the banks offset the pressures of the economic downturn.”
The U.K. refused to agree to closer fiscal ties with other EU members. U.K. Prime Minister David Cameron said the measures were not in Britain’s best interest. He wanted to protect London from financial-services regulations
