Greece taps markets while Alphabet dips

Greece raised €3bn in its first tapping of the bond market since 2014, with yield hungry investors piling in on expectations the worst may be over for what was once the epicentre of Europe's debt crisis. The new Greek paper carries a 4.625pc yield.

In the US a bevy of corporate earnings pulled US stocks higher, while European equities climbed on rising confidence among German businesses.

Treasuries retreated as the Federal Reserve began its policy meeting.

Earnings from Caterpillar and McDonald's led to outsize gains in the Dow Jones Industrial Average, while Google parent Alphabet's disappointing results weighed on technology indexes.

The S&P tech index has been the best performing sector this year, but there have been concerns about stretched valuations, putting earnings from big tech companies in the spotlight. Amazon and Facebook, part of the high-flying "FAANG" stocks, report results later this week, while Apple is due to report next week. The euro touched the highest in almost two years after German business confidence data beat expectations. Saudi Arabia's promise to further cut crude exports spurred a 3pc rally in oil.

Markets took a risk-on tone yesterday as generally positive earnings and economic data bolstered confidence in the strength of the global economy. The data come as the Fed will weigh global growth against feeble inflation and mixed US economic data. The Stoxx Europe 600 Index rose 0.5pc.

In Dublin the ISEQ closed up 0.77pc at 6,698.65. Permanent TSB rose 2.25pc at €2.50 a share ahead of results today, while Aminex and Applegreen led the decliners.

Irish stock market-listed venture capital investor Draper Esprit reported results, including that it generated £42m (€44m) from realised investments, the large bulk of which has been ploughed back into its portfolio, which has increased 43pc since the firm floated last year.