|PAN PYLAS, AP Business Writer|
Stocks took a pummeling the previous session as expectations dissipated that the
"Well for once a European summit did not disappoint; they promised nothing and that is exactly what we got," said
Though there were discussions about such things as jointly-issued eurobonds and the prospect of some form of cross-border deposit insurance scheme, nothing of any substance was announced.
The problem with that timeframe is that
The Greek general election on
"With last night's summit done, we now start the run-up to Greek elections in mid-June, possibly the single most decisive event since the crisis began," said
For now, investors in stock markets are buying up some beaten-down stocks, particularly in
The monthly purchasing managers' index from Markit, a gauge of business activity, fell to 45.9 in May from 46.7 in April. The fall was bigger than the expected decline to 46.5. Anything below 50 indicates a contraction.
The CAC-40 in
U.S. stocks underperformed their European counterparts as they had suffered milder losses the day before _ the Dow Jones industrial average was flat at 12,495 while the broader
Oil prices recovered alongside equities after falling to ten-month lows amid the prevailing gloom in world markets _ benchmark oil for July delivery was up
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