European Shares Rally on Draghi as Egypt Bonds Rebound

European shares rallied the most in two months and the euro weakened as European Central Bank President Mario Draghi made an unprecedented pledge to keep rates low for an extended period. Egypt’s bond yields fell the most on record after the army deposed President Mohamed Mursi.

The Stoxx Europe 600 Index gained 2.3 percent. Portugal’s main equity gauge jumped 3.7 percent. Standard & Poor’s 500 Index futures rose 0.9 percent to 1,623.80 with U.S. markets shut today for the Independence Day holiday. Brazil’s Ibovespa stock gauge climbed for the first time in five days. The yield on Egypt’s bonds due in April 2020 tumbled 148 basis points to a two-week low of 9.29 percent. The euro declined 0.7 percent to $1.2915 at 3:42 p.m. in New York.