Global markets rally after Greek austerity vote

Global markets surged this morning following yesterday's green light for Greece's five-year austerity plan.

Fears over a banking crisis eased in the short term as Greece secured a €110bn loan from the IMF after passing the austerity measures. The FTSE gained 0.56% or 32 points at 8.30am, pushing the index up to 5,888. BG Group is top of the leaderboard, up 6.18% or 84 points to £1.43, on the back of the company doubling its estimate of oil supplies in its Santos Basin site in Brazil. The group raised its estimate from 4 billion barrels of oil to 8 billion. Brent crude has continued its rally, up 3.3% yesterday, gaining 0.14% to $113 a barrel in early trading. On Wall Street, the Do...