* Equities rise on Intel, JPMorgan results
* Dollar weaker
* Greek debt under pressure again
LONDON, April 14 (Reuters) - Equities rose on Wednesday, pushed higher by expectation-beating results from No.2 U.S. bank JPMorgan JPM.N and chipmaker Intel INTC.O, a bullish mood that also rolled into currencies, weakening the dollar.
Wall Street also looked set to open higher.
Investors remained cautious about Greece, however, pushing its bond yield spreads against German debt wider despite the weekend’s European Union rescue plan.
JPMorgan Chase said it had net first quarter income of 74 cents a share versus a consensus forecast of 64 cents per share. It compared with 40 cents a year earlier.
“Blow-out numbers from JPMorgan, driven by their investment banking arm. But that doesn’t necessarily mean good news to come from the whole of the sector, aside from Goldman (Sachs),” said David Morrison, market strategist at GTF Global.
“But it looks like nothing is going to stop this market from going higher at the moment, anyway, even any possible Greek debt default,” he added.
Intel Corp’s sales and margin forecasts late on Tuesday also trounced Wall Street expectations, reinforcing hopes for an acceleration in the tech sector’s recovery. [ID:nN1382801]
In a similar vein, Dutch chip equipment maker ASML ASML.AS said first-quarter orders beat even the most optimistic expectations.
Greece’s debt problems came into focus again, despite the European Union’s rescue plan outlined at the weekend.
The premium investors’ demand to buy 10-year Greek government bonds rather than euro zone benchmark German Bunds rose to the highest level since the euro zone on Sunday agreed an aid deal for Greece.
On Tuesday, Greece raised 1.56 billion euros via a 26- and 52-week T-Bill auction, paying a hefty yield. [ID:nLDE63C0FQ]
The cost of insuring Greek debt against default also rose.
Benchmark euro zone government bond yields were flat, however.
The dollar eased after Singapore revalued its currency and as the U.S. earnings boosted appetite for riskier currencies.
Commodity currencies such as the Australian and Canadian dollars gained against the U.S. unit, while the low-yielding yen also softened.
Singapore’s central bank re-centred its trade-weighted band to the prevailing exchange rate level. Economists said this meant the currency had been revalued by between 1.2 and 1.4 percent. [ID:nSGE63B0D6] (Additional reporting by Jon Hopkins; editing by Tony Austin)
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