Investing.com - European stocks rose sharply on Monday, as investors continued to focus on developments in Greece as the country pursued efforts to secure more international funds and avoid bankruptcy.
During European morning trade, the EURO STOXX 50 jumped 1.05%, France’s CAC 40 gained 0.96%, while Germany’s DAX 30 rallied 1.22%.
Greece remained in focus after Prime Minister Alexis Tsipras’ government put forward new reform plans for approval late Friday, as part of a bailout extension review.
Officials from the European Union, the International Monetary Fund and the European Central Bank were to examine the measures after earlier proposals were not accepted.
Athens failed last week in a bid to secure a quick cash payment from the euro zone rescue fund to help stave off potential bankruptcy next month.
Financial stocks were broadly higher, as French lenders Societe Generale (PARIS:SOGN) and BNP Paribas (PARIS:BNPP) and rallied 1.63% and 1.78%, while Germany's Commerzbank (XETRA:CBKG) and Deutsche Bank (XETRA:DBKGn) advanced 0.90% and 1.55%
Among peripheral lenders, Italy's Intesa Sanpaolo (MILAN:ISP) and Unicredit (MILAN:CRDI) jumped 1.18% and 1.48% respectively, while Spanish bank BBVA (MADRID:BBVA) climbed 0.90%.
Elsewhere, Holcim (SIX:HOLN) Ltd. was up 0.20% after the Swiss cement maker's second biggest shareholder said it plans to vote against the company’s merger with French counterpart Lafarge (PARIS:LAFP), even as the two groups agreed last week on new terms and management changes.
In London, FTSE 100 advanced 0.57%, as U.K. lenders tracked their European counterparts higher.
Shares in HSBC Holdings (LONDON:HSBA) climbed 0.50% and the Royal Bank of Scotland (LONDON:RBS) gained 0.70%, while Lloyds Banking (LONDON:LLOY) advanced 0.75% and Barclays (LONDON:BARC) rallied 1.49%.
Mining stocks were also on the upside, as Randgold Resources (LONDON:RRS) and Rio Tinto (LONDON:RIO) rose 0.38% and 0.39% respectively, while rival company Glencore Xstrata (LONDON:GLEN) jumped 1.12%.
Meanwhile, Kingfisher (LONDON:KGF) led gains on the index, with shares surging 2.21% after saying its acquisition of French retailer Mr Bricolage has collapsed. The company added that it will consider "all of its options" after Mr Bricolage’s major shareholder, ANPF, refused to extend the deadline of a binding agreement beyond March 31.
In the U.S., equity markets pointed to a higher open. The Dow Jones Industrial Average futures pointed to a 0.43% gain, S&P 500 futures signaled a 0.45% increase, while the Nasdaq 100 futures indicated a 0.52% climb.
Later in the day, Germany was to release preliminary data on consumer price inflation. The U.S. was to produce final data on fourth quarter economic growth and the revised reading of the University of Michigan consumer sentiment index.