Investing.com - European stock markets turned higher on Monday, amid optimism ahead of a meeting of European finance ministers in Brussels to discuss the outcome of Greece’s latest debt talks with private creditors and after a successful German bond auction.
During European afternoon trade, the EURO STOXX 50 advanced 0.68%, France’s CAC 40 climbed 0.50%, while Germany’s DAX 30 rose 0.49%.
On Sunday, Greece’s creditors said they had reached their maximum offer for a voluntary debt swop and said it was now up to the EU and the International Monetary Fund to agree on whether they can accept the deal.
The restructuring agreement is a precondition for Athens to receive its next tranche of bailout funds in order to avert a default when a EUR14.4 billion bond redemption comes due on March 20.
Meanwhile, Germany auctioned EUR2.54 billion of 12-month Treasury bills at an auction which met with strong investor demand at very low yields.
Financial stocks extended earlier gains, led by Italy’s Unicredit with shares surging 10.74% and Intesa Sanpaolo climbing 5%.
French lenders Societe Generale and BNP Paribas also climbed higher with shares soaring 8.45% and 2.02%, while German Deutsche Bank and Commerzbank jumped 3.98% and 12.72%.
Meanwhile, carmakers edged higher with Daimler climbing 1.12% and Volkswagen advancing 0.45%, while BMW rose 0.27%.
Elsewhere, Outokumpu Oyj, Finland’s biggest producer of stainless steel, soared 12.92%, extending earlier gains as it held discussions that may lead to a merger with a unit of ThyssenKrupp AG, Germany’s largest steelmaker.
In London, FTSE 100 advanced 0.79%, boosted by strong gains in the financial sector.
The Royal Bank of Scotland surged 3.02% and Barclays climbed 1.64%, while Lloyds Banking and HSBC Holdings advanced 1.15% and 0.79% respectively.
The energy sector also remained on the upside as shares in British Petroleum jumped 2.52%, while mining giants Rio Tinto and Bhp Billiton rose 1.38% and 0.82%.
Meanwhile, Thomas Cook declined 3.33% after the Financial Times reported the company’s bookings in the first half of January fell 33% compared with the same period last year.
In the U.S., equity markets pointed to a moderately higher open. The Dow Jones Industrial Average futures pointed to a rise of 0.20%, S&P 500 futures signaled a 0.14% gain, while the Nasdaq 100 futures indicated a 0.19% increase.
Financial markets in China, Hong Kong, South Korea, Taiwan and Singapore were closed to welcome in the Chinese Year of the Dragon.
During European afternoon trade, the EURO STOXX 50 advanced 0.68%, France’s CAC 40 climbed 0.50%, while Germany’s DAX 30 rose 0.49%.
On Sunday, Greece’s creditors said they had reached their maximum offer for a voluntary debt swop and said it was now up to the EU and the International Monetary Fund to agree on whether they can accept the deal.
The restructuring agreement is a precondition for Athens to receive its next tranche of bailout funds in order to avert a default when a EUR14.4 billion bond redemption comes due on March 20.
Meanwhile, Germany auctioned EUR2.54 billion of 12-month Treasury bills at an auction which met with strong investor demand at very low yields.
Financial stocks extended earlier gains, led by Italy’s Unicredit with shares surging 10.74% and Intesa Sanpaolo climbing 5%.
French lenders Societe Generale and BNP Paribas also climbed higher with shares soaring 8.45% and 2.02%, while German Deutsche Bank and Commerzbank jumped 3.98% and 12.72%.
Meanwhile, carmakers edged higher with Daimler climbing 1.12% and Volkswagen advancing 0.45%, while BMW rose 0.27%.
Elsewhere, Outokumpu Oyj, Finland’s biggest producer of stainless steel, soared 12.92%, extending earlier gains as it held discussions that may lead to a merger with a unit of ThyssenKrupp AG, Germany’s largest steelmaker.
In London, FTSE 100 advanced 0.79%, boosted by strong gains in the financial sector.
The Royal Bank of Scotland surged 3.02% and Barclays climbed 1.64%, while Lloyds Banking and HSBC Holdings advanced 1.15% and 0.79% respectively.
The energy sector also remained on the upside as shares in British Petroleum jumped 2.52%, while mining giants Rio Tinto and Bhp Billiton rose 1.38% and 0.82%.
Meanwhile, Thomas Cook declined 3.33% after the Financial Times reported the company’s bookings in the first half of January fell 33% compared with the same period last year.
In the U.S., equity markets pointed to a moderately higher open. The Dow Jones Industrial Average futures pointed to a rise of 0.20%, S&P 500 futures signaled a 0.14% gain, while the Nasdaq 100 futures indicated a 0.19% increase.
Financial markets in China, Hong Kong, South Korea, Taiwan and Singapore were closed to welcome in the Chinese Year of the Dragon.