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03.02.2015 16:00

European Stocks. First hour: Indices gain on Greek hopes

European stocks climbed in early trading on hopes that there will be an agreement on the Greek debt standoff. The new Greek government retreated from a plan for a write-off of its debt and proposed a new debt arrangement to reach a compromise with its international creditors on the terms of its bailout. Finance Minister Varoufakis reassured in London that Greece is not seeking a standoff with the European Union. Upbeat quarterly earnings reports further lend support.

The commodity heavy FTSE 100 index is currently trading +0.88% quoted at 6,842.26 points fuelled by sharp gains in the mining and energy sector. Germany's DAX 30 skyrocketed by +0.90% trading at 10,925.00 extending its all-time high. France's CAC 40 added +0.94%, currently trading at 4,671.40 points.

Market focus

  • UK PM Theresa May says that she is to step down on 7 June
  • UK retail sales remained unchanged in April
  • Italy’s Deputy Prime Minister Salvini says EU fiscal rules must be changed
  • President Trump says 'dangerous' Huawei could be included in U.S.-China trade deal
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