Markets welcome Greek result

The Nikkei opened sharply higher this morning as traders welcomed the Greek election result. The Japanese stock index jumped 1.7 per cent after opening, in the global markets’ first response to the Greeks handing the most seats in parliament to the pro-bailout New Democracy party. And the price of gold fell for the first time in seven sessions, dipping one per cent as the result in Athens reduced the safe haven metal’s appeal. Gold’s fall came even as the euro hit a one-month high against the US dollar, which would normally support gold prices. Markets elsewhere are expected to follow suit, with Dow Jones futures last night pointing to an 85 point rise in today’s trading.