Stocks extend gains after strong US economic data in run-up to US monthly ...
Europe’s debt woes will likely remain the main catalyst to markets over the coming days and weeks, but without any fresh bad news, trading in 2012 has got off to a solid start. Surveys showing that growth in China and India may be picking up momentum has helped shore up the underlying mood.
A strong U.S. manufacturing survey, which showed the sector growing at its fastest rate in six months, also helped sustain the buying mood on Wall Street’s first trading day of the year. The Institute for Supply Management said its main index of activity rose to 53.9 in December from the previous month’s 52.7, while the employment subindex spiked sharply to 55.1 from 51.8. Anything above 50 indicates expansion and augurs well for Friday’s closely watched U.S. non-farm payroll figures for December.
Details of a deal agreed in October, in which bondholders would accept a 50 per cent 
The nominal haircut is important, too: since banks hold most Greek debt, and can keep that debt on their books at par, they might well be able to say that the new bonds are worth 50 cents, for regulatory purposes, rather than the 25 cents they'd get if
