Investing.com - European stocks were higher on Thursday, as investors hoped for progress in Greek debt negotiations after Greece requested a new three-year bailout on Wednesday.
During European morning trade, the EURO STOXX 50 jumped 0.96%, France’s CAC 40 gained 0.97%, while Germany’s DAX 30 climbed 0.77%.
Equity markets strengthened after Greece requested a new three-year bailout from its euro zone creditors and pledged some economic overhauls on Wednesday.
Whether European leaders accept Greece's request for more emergency loans at a crisis summit on Sunday will depend on whether Prime Minister Alexis Tsipras makes a drastic turnaround on pension cuts, tax increases and other austerity measures after five months of negotiations.
German Finance Minister Wolfgang Schäuble said that "the actual examination can only begin once the full package has been put on the table."
Financial stocks were broadly higher, as French lenders Societe Generale (PARIS:SOGN) and BNP Paribas (PARIS:BNPP) rallied 1.39% and 1.49%, while Germany's Deutsche Bank (XETRA:DBKGn) and Commerzbank (XETRA:CBKG) gained 0.44% and 0.66%.
Among peripheral lenders, Italy's Unicredit (MILAN:CRDI) and Intesa Sanpaolo (MILAN:ISP) jumped 1.06% and 1.08% respectively, while Spanish banks BBVA (MADRID:BBVA) and Banco Santander (MADRID:SAN) advanced 0.88% and 1.10%.
On the downide, Italy's Saipem (MILAN:SPMI) plunged 5.70% after losing its $2.2-billion contract to lay a Russian natural-gas pipeline under the Black Sea.
In London, commodity-heavy FTSE 100 advanced 0.71%, boosted by sharp gains in the mining sector.
Shares in Glencore Xstrata (LONDON:GLEN) rallied 1.79% and Bhp Billiton (LONDON:BLT) jumped 2.02%, while rivals Anglo American (LONDON:AAL) and Rio Tinto (LONDON:RIO) surged 2.22% and 2.31% respectively.
Financial stocks added to gains, as Lloyds Banking (LONDON:LLOY) climbed 0.73% and Barlcays advanced 0.83%, while the Royal Bank of Scotland (LONDON:RBS) jumped 1.03% and HSBC Holdings (LONDON:HSBA) rallied 1.72%.
Barratt Developments (LONDON:BDEV) Plc was also on the upside, with shares up climbing 0.84% after the housebuilder said full-year profit will increase about 45% or more than projected.
In the U.S., equity markets pointed to a higher open. The Dow Jones Industrial Average futures pointed to a 0.61% increase, S&P 500 futures signaled a 0.73% gain, while the Nasdaq 100 futures indicated a 0.80% climb.