Global markets celebrated the early-morning agreement in Brussels that will help secure a third bailout for Greece, with "risk on" firmly back in play after weeks of uncertainty.
Analysts said that while Greek risks were far from over, the cash-for-reforms agreement announced early Monday meant a hasty "Grexit" was off the table for now with Swiss bank UBS saying the chances of were now below 50 percent.
And that prospect boosted European stock markets almost 2 percent. Meanwhile, in the U.S., the Dow Jones industrial average quickly gained more than 150 points in the open.
Yields on Italian bonds, which move in the opposite direction to prices, fell to their lowest levels since May having spiked higher in recent weeks on Greek contagion fears.
"A deal will take a long time to implement and there are serious road blocks on the way, it is not a done deal and you could call it a fragile half deal," Holger Schmieding, chief economist at Berenberg Bank told CNBC's "Worldwide Exchange."