On Monday Europe's stocks rose supported by the hopes that a deal between cash-strapped Greece and its creditors may be reached.
The Stoxx Europe 600 rose 1.8% to 392.39, with all sectors advancing, led by the telecommunications group.
Germany’s DAX 30 jumped 2.9% to 11,356.73 and France’s CAC 40 climbed 2.8% to 4,950.98. Italy’s FTSE MIB added 1.9% to 23,137, and the U.K.’s FTSE 100 rose 1.4% to 6,802.29.
Greek stocks also edged higher, with the Athex Composite up 6.3% to
730.55, and Greek bond prices rose, pushing yields steeply lower.
The yield on 2-year government bond dropped 2.3 percent to 25.12%, while the yield on 10-year bond declined 1 percent to 11.2%.
The reaction was caused by the hopes for resolution at the upcoming meeting in Brussels, as over the weekend the Greek authorities presented a new plan of reforms. It included tax increases and spending cuts to hit budget targets, and the package has been met with some optimistic feedback.
The new offer “was a good basis for progress at tomorrow’s Euro summit,” European Commission spokesman Martin Selmayr, said in a Twitter posting. He also referred in German to the inception of the plan as “birth by forceps.”
