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Wall Street edged higher on the open, with the Dow industrialaverage and the S&P 500 both gaining 0.2 percent, to 12,582.01and 1,328.14 respectively. Asian stocks closed higher earlier in the day followingbetter-than-expected data on the weekend that showed China'sexports jumped in May from a year earlier. Japan's Nikkei 225 index climbed 2 per cent to close at 8,624.90.South Korea's Kospi added 1.7 per cent to 1,867.04 and Hong Kong'sHang Seng added 2.4 per cent to 18,953.63. Benchmarks in Singapore, Taiwan, mainland China, Indonesia and NewZealand also rose. Michael Hewson, analyst at CMC Markets, said the early marketreaction had been a 'relief pop' that was bound to be short-lived. He said: 'The decision by Spanish PM Rajoy to acquiesce to theinevitable and request help for Spain's ailing banking sector atthe weekend is the first sign of an acknowledgment of the problemsfacing the Spanish economy. 'But the fact it took so long in the face of so much denial remainsa problem with respect to the credibility of the Spanishadministration.' The day of stormy trading came as angry Greeks and Irish demandedbetter terms on their country's bailout after Spain was handed whatthey see as a 'no-strings attached' €100billion cash boost. Greece's far-left party Syriza, which could win the re-run of thecountry's elections on Sunday, said the Spanish deal 'showed Europewas abandoning its policy of austerity'. The agreement, they said, was in stark contrast to the dealhammered out with the Greeks two years ago. That saw the nation hit with strict rules including tightsupervision and submitting to regular inspections by the troika ofthe European Commission, the European Central Bank and theInternational Monetary Fund. Spain has only been told to restructure its trouble financialsector - currently lumbered with billions of euros worth of badloans by the bursting of the Spanish property bubble. Party leader Alexis Tsipras, Greece's possible next Prime Minister,told Avgi newspaper: 'Developments in Spain have confirmed theposition we have supported from the start. A woman at a branch of Bankia, the troubled Spanish bank. A bailoutwould be aimed only at the country's banks 'Namely, that the crisis is a Europe-wide problem and that the wayit has been dealt with so far is socially destructive andcompletely ineffective. 'Two years ago the crisis was related to the supposed laziness andunproductiveness of the Greeks. 'After two years of failure of the bailout memorandum, there is adramatic increase in the voices calling for a policy change so asnot to crash the whole European economy.' Greek politicians have also said that the Spanish deal will givethem room to renegotiate their deal to include less austeritymeasures. The eurozone's fourth largest economy is beset by recession andmass unemployment and still has a weight of national and regionaldebt to roll over later in the year, although it has got through 58per cent of its borrowing for 2012. Moody's Investor Service said last week the debts of euro areasovereigns dependent upon official funding present 'non-investmentgrade risks', prefiguring a likely cut in Madrid's credit rating.Fitch Ratings slashed Spain by three notches to BBB last week -just above junk status. The government still needs to refinance €82.5billion of debtmaturing by the end of the year, with a big hump at the end ofOctober, and Spain's overspending regions have a further€15.7billion of debt maturing in the second half of 2012. 'We're very close to junk bonds and we'll end up in the junk,' JoseCarlos Diez, chief economist at Intermoney in Madrid, said onSpanish television. 'In this situation, the key is to look at the reaction of investorsand see if capital flight stops ... If the process doesn't stop,there will be more funding problems and what we will see is abailout that is starting small become a big one.'. We are high quality suppliers, our products such as Infrared Emitter Led , Tool Cabinet on Wheels Manufacturer for oversee buyer. To know more, please visits High Power UV Leds.
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