Morning Wire -- US Stock-Index Futures Higher

US index futures are higher this morning following developments in Europe that people believe will lead to a sounder euro. Of the 27 members of the European Union all but 2 have approved a tighter fiscal discipline plan that promises a more harmonized approach to dealing with crises such as the debt crisis now stifling Europe. Only the UK and the Czech Republic demurred. As for the deal on Greek debt, there is, for some reason, hope that the EU agreement will nudge a settlement on the debt swap. Maybe, but if the agreement adds more punishment for Greek citizens, there will very likely be street demonstrations and possibly even a change in government. Bets on peace, love, and understanding in Europe may be premature, but that’s where the money is going today.

At about 8:15 a.m. ET, Germany’s DAX is up 1.06% at 6,512.56 and France’s CAC 40 is up 1.53%, at 3,315.56. In London, the FTSE 100 is up 0.76%, at 5,714.44.

In Asia, the Hang Seng index closed up 1.14%, at 20,390.50 and the Nikkei index closed up 0.11%, at 8,802.51. The Shanghai exchange closed up 0.33%, at 2,292.61.

Dow futures are up 0.42%, at 12,655.00. The Nasdaq 100 is up 0.35%, at 2,470.50 and the S&P is up 0.43%, at 1,314.50.

In the currency markets, the US dollar is weaker against the British pound and the euro and stronger against the Japanese yen. The US dollar index is down -0.296% at 78.891.

In commodities, WTI and Brent crude are higher this morning, with WTI up 1.22% at $99.99/barrel and Brent is up 1.26% at $112.14/barrel. Gold is up 0.37% this morning, at $1,740.80/ounce.

Paul Ausick