Renewed hopes of a resolution to the euro zone’s debt crisis look set to give Wall Street a lift at Monday’s opening bell.
Reuters reports that the leaders of Germany and France have “promised to unveil new measures to solve the euro zone's debt crisis by the end of the month, as international pressure built for bold steps from Europe to avert a global economic backlash.”
The upbeat view on Europe was also due to news that Franco-Belgian bank Dexia has agreed to the nationalization of its Belgian banking division and has received $121 billion in state guarantees. The rescue could pressure other euro zone governments to strengthen their banks, Reuters said.
Trading in the United States is expected to be lighter than usual Monday, as government offices and bond markets will be closed for the Columbus Day holiday. The U.S. stock markets, however, will be open for trading.