European stocks started the New Year in green building up on 2012 gains as investors showed greater tolerance for risk Wednesday, after U.S. policy makers finally reached a deal to avert the “Fiscal Cliff”.
The agreement reached by the Senate would see tax rates rise for individuals earning more than $400,000 per year, and families earning more than $450,000 per year, the cornerstone of the deal which was merely bipartisan.
The Republican-controlled House approved the bill where lawmakers voted 257-167 to send the compromise to President Barack Obama to sign into law; 89-9 Senates backed the bill while House opposition vote comprised of 151 Republicans and 16 Democrats.
At 03:16 EST, German DAX jumped 1.80% to 7749.26 points, while French CAC 40 surged by 0.1.79% at 3706.20 points, FTSE 100 traded higher by 1.44% to 5982.64 points.
Finally at 12:00 GMT+3, the euro rose to $1.3277 after opening at $1.3205. The EUR/USD pair touched highest trading at $1.3298 and lowest at $1.3188.
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