Greece’s debt deal will bode well for stocks, according to JPMorgan Chase’s chief economist Anthony Chan. ‘I think this deal will be good for stocks, since it removes uncertainty from the markets,’ Chan said. ‘That doesn’t mean we’re completely out of the woods. The deal still must get approval by the Greek parliament, but I think the pieces are moving in the right direction and I think this will be positive for equity market investors.’ Greece will receive $96 billion from its European creditors in exchange for spending cuts that were previously rejected by voters in a historic referendum on July 5. What a difference a week makes. The news set European stocks to the upside. ‘Today, investors need to focus on the fact that the economic fundamentals are improving in Europe and this negative headwind is now slowly going away,’ he added. ‘Now the positive economic growth momentum in Europe is likely to be uninterrupted.’
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