Investing.com - European stock markets remained sharply higher on Monday, as optimism over Greece’s chances of obtaining its second bailout package boosted market sentiment.
During European afternoon trade, the EURO STOXX 50 climbed 1%, France’s CAC 40 advanced 0.73%, while Germany’s DAX 30 jumped 1.34%.
Speaking ahead of a meeting of euro zone finance ministers set for later Monday, Greek Finance Minister Evangelos Venizelos said negotiations on the EUR130 billion bailout and a linked debt restructuring deal would continue until the last minute but added that Greece has met all the conditions demanded by its creditors.
Without a bailout, Greece faces the threat of defaulting when a EUR14.5 billion bond redemption comes due on March 20.
Investor confidence also strengthened after China cut the amount of cash banks must hold in their reserves on Saturday, boosting lending capacity in an effort to spur the world's second-biggest economy.
Financial stocks extended earlier gains as shares in German lenders Deutsche Bank and Commerzbank soared 2.22% and 3.08%, while France’s Societe Generale and BNP Paribas climbed 1.13% and 1.13% respectively.
Peripheral lenders also pushed higher. Spain’s BBVA and Banco Santander added 2.17% and 1.82%, while Italian Unicredit and Intesa Sanpaolo rose 2.13% and 1.88%.
Elsewhere, TNT Express NV skyrocketed 54.45% after Europe’s second-largest package-delivery company rejected a USD6.43 billion takeover offer from UPS.
On the downside, Belgian insurer Ageas declined 1.11% after reporting a fourth-quarter net loss of EUR44.5 million.
In London, FTSE 100 advanced 0.69%, boosted by gains in energy stocks while industry data showed that house prices in the U.K. rose 4.1% on February.
BP soared 2.12% as oil prices surged after Iran said it halted some crude exports and investors expect fuel demand to increase.
Meanwhile, mining giants Bhp Billiton and Rio Tinto extended earlier gains, with shares climbing 2.74% and 2.90%, while copper producer Xstrata jumped 1.63%.
U.K. lenders turned higher, as the Royal Bank of Scotland saw shares surge 2.86% and Lloyds Banking jumped 2.70%, while Barclays and HSBC Holdings climbed 1.02% and 0.36% respectively.
In the U.S., equity markets pointed to a higher open. The Dow Jones Industrial Average futures pointed to a rise of 0.45%, S&P 500 futures signaled a 0.46% increase, while the Nasdaq 100 futures indicated a 0.58% gain.
Markets in the U.S. remained closed for the Presidents Day holiday.
During European afternoon trade, the EURO STOXX 50 climbed 1%, France’s CAC 40 advanced 0.73%, while Germany’s DAX 30 jumped 1.34%.
Speaking ahead of a meeting of euro zone finance ministers set for later Monday, Greek Finance Minister Evangelos Venizelos said negotiations on the EUR130 billion bailout and a linked debt restructuring deal would continue until the last minute but added that Greece has met all the conditions demanded by its creditors.
Without a bailout, Greece faces the threat of defaulting when a EUR14.5 billion bond redemption comes due on March 20.
Investor confidence also strengthened after China cut the amount of cash banks must hold in their reserves on Saturday, boosting lending capacity in an effort to spur the world's second-biggest economy.
Financial stocks extended earlier gains as shares in German lenders Deutsche Bank and Commerzbank soared 2.22% and 3.08%, while France’s Societe Generale and BNP Paribas climbed 1.13% and 1.13% respectively.
Peripheral lenders also pushed higher. Spain’s BBVA and Banco Santander added 2.17% and 1.82%, while Italian Unicredit and Intesa Sanpaolo rose 2.13% and 1.88%.
Elsewhere, TNT Express NV skyrocketed 54.45% after Europe’s second-largest package-delivery company rejected a USD6.43 billion takeover offer from UPS.
On the downside, Belgian insurer Ageas declined 1.11% after reporting a fourth-quarter net loss of EUR44.5 million.
In London, FTSE 100 advanced 0.69%, boosted by gains in energy stocks while industry data showed that house prices in the U.K. rose 4.1% on February.
BP soared 2.12% as oil prices surged after Iran said it halted some crude exports and investors expect fuel demand to increase.
Meanwhile, mining giants Bhp Billiton and Rio Tinto extended earlier gains, with shares climbing 2.74% and 2.90%, while copper producer Xstrata jumped 1.63%.
U.K. lenders turned higher, as the Royal Bank of Scotland saw shares surge 2.86% and Lloyds Banking jumped 2.70%, while Barclays and HSBC Holdings climbed 1.02% and 0.36% respectively.
In the U.S., equity markets pointed to a higher open. The Dow Jones Industrial Average futures pointed to a rise of 0.45%, S&P 500 futures signaled a 0.46% increase, while the Nasdaq 100 futures indicated a 0.58% gain.
Markets in the U.S. remained closed for the Presidents Day holiday.