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European stocks edge higher on Greece progress; Dax up 0.09%

Published 07/20/2015, 03:30 AM
Updated 07/20/2015, 03:30 AM
European stocks open higher as Greece deal supports

European stocks open higher as Greece deal supports

Investing.com - European stocks edged higher on Monday, as sentiment improved following positive news from Greece, although investors remained cautious amid ongoing discussions on the country's reforms.

During European morning trade, the EURO STOXX 50 was flat, France’s CAC 40 rose 0.28%, while Germany’s DAX 30 edged up 0.09%.

Greek banks were set to reopen on Monday after a forced 3-week closure but restrictions on cash withdrawals were still to remain. In a decree Saturday, the Greek government kept the daily cash withdrawal limit at €60 but added a weekly limit of €420.

The decree came on the same day as Greece's coalition government swore in its new, reshuffled cabinet. Five prominent dissidents from the Syriza party, the senior coalition party, were replaced.

On Friday, German lawmakers voted in favour of opening discussions on Greece's third bailout and the European Union decided to release a short-term loan of €7.16 billion to help Greece pay back a loan due Monday to the European Central Bank.

The Greek Parliament was scheduled to vote on further austerity measures on Wednesday.

Financial stocks were broadly higher, as French lenders Societe Generale (PARIS:SOGN) and BNP Paribas (PARIS:BNPP) rose 0.28% and 0.24%, while Germany's Deutsche Bank (XETRA:DBKGn) and Commerzbank (XETRA:CBKG) gained 0.36% and 1.09%.

Among peripheral lenders, Italy's Unicredit (MILAN:CRDI) and Intesa Sanpaolo (MILAN:ISP) advanced 0.32% and 0.53% respectively, while Spanish banks Banco Santander (MADRID:SAN) and BBVA (MADRID:BBVA) added 0.32% and 0.35%.

Elsewhere, Alstom SA (PARIS:ALSO) rose 0.30% after the French company said that sales growth at its remaining train and rail-signaling business exceeded analysts' projections, thanks to demand from France and Germany.

In London, FTSE 100 added 0.23%, boosted by Aveva Group (LONDON:AVV), whose shares skyrocketed 28.10% after Schneider Electric (PARIS:SCHN) SE agreed to combine its software business with the U.K. company.

Meanwhile, financial stocks were mixed. Shares in Lloyds Banking (LONDON:LLOY) inched up 0.01% and HSBC Holdings (LONDON:HSBA) jumped 1.09%, while Barclays (LONDON:BARC) dipped 0.05% and the Royal Bank of Scotland (LONDON:RBS) slipped 0.25%.

In the mining sector, stocks were broadly lower. Antofagasta (LONDON:ANTO) dropped 0.81% and Bhp Billiton (LONDON:BLT) saw shares decline 0.84%, while rivals Randgold Resources (LONDON:RRS) and Fresnillo (LONDON:FRES) both plummeted 2.01%.

In the U.S., equity markets pointed to a steady to higher open. The Dow Jones Industrial Average futures pointed to a 0.11% rise, S&P 500 futures signaled a 0.08% gain, while the Nasdaq 100 futures indicated a 0.07% uptick.

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