European stocks climb on copper bounce, Greek news

LONDON: Europe's main stock markets rose on Tuesday, with miners boosted by high copper prices, as investors welcomed news of Greece's return to international debt markets, dealers said.

London's commodities-heavy FTSE 100 index forged higher as copper struck a five-month pinnacle on keen demand and the flagging dollar.

Resources giant Anglo American saw its share price jump 5.3 percent, while rivals Antofagasta and BHP Billiton added 3.2 percent and 2.9 percent respectively.

In the eurozone, Frankfurt and Paris stocks garnered gains on increasing confidence over Greece, traders said.

Athens on Tuesday returned to debt markets for the first time in three years, with reports saying it was on track to raise funds at a lower cost, marking a symbolic victory for the beleaguered nation.

The Greek news agency ANA said that initial transactions for the five-year government bonds put the yield -- the financing cost for the government or the rate of return for investors -- at 4.875 percent.

That is slightly below the 4.95 percent in Greece's last auction of five-year bonds in 2014, which was reportedly the target the Greek government had set.

"Eurozone confidence is rising as the Greeks return to the debt market," said IG analyst Joshua Mahony.

Greece has no need to draw money from the bond markets, as it recently received renewed support under its international bailout that should take it into next year.

- 'Stronger appetite' -

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"There is now stronger market appetite for Greek risk," Barclays analyst Antonio Garcia Pascual said in a note to clients.

"Therefore, by tapping the markets, the (Greek) Treasury could indicate confidence in the Greek economy and on its future prospects."

Elsewhere Tuesday, Asian stock markets struggled as the dollar resumed its downward drift, with the focus turning to the Federal Reserve's two-day policy meeting that concludes Wednesday.

Thrown into the mix is the ongoing drama surrounding US President Donald Trump's administration, with his son-in-law and top adviser Jared Kushner giving testimony Monday in which he denied collusion with Russia to sway last November's election result.

In foreign exchange Tuesday, the euro held close to a two year high.

The dollar has come under pressure on concerns about the future of Trump's economic agenda, a series of weak US data -- which have raised questions about future rate rises -- and expectations the European Central Bank is set to start tightening policy.

Oil prices rose about half a dollar after global crude producers, meeting in Russia Monday, called for stricter adherence to a agreement to cut output.

The Saudi-led OPEC global oil cartel, along with Russia and other large producers, met in the northwestern city of Saint Petersburg to assess the results of their November agreement to cut output in the hope of boosting prices.

- Key figures around 1030 GMT -

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London - FTSE 100: UP 0.9 percent at 7,446.60 points

Frankfurt - DAX 30: UP 0.5 percent at 12,269

Paris - CAC 40: UP 0.9 percent at 5,176.10

EURO STOXX 50: UP 0.8 percent at 3,133.30

Euro/dollar: UP at $1.1652 from $1.1641 at 2100 GMT Monday

Pound/dollar: UP at $1.3038 from $1.3028

Dollar/yen: UP at 111.34 yen from 111.12

Tokyo - Nikkei 225: DOWN 0.1 percent at 19,955.20 (close)

Hong Kong - Hang Seng: FLAT at 26,852.05 (close)

Shanghai - Composite: DOWN 0.2 percent at 3,243.69 (close)

New York - DOW: DOWN 0.3 percent at 2121,513.17 (close)

Oil - Brent North Sea: UP 57 cents at $49.17 per barrel

Oil - West Texas Intermediate: UP 54 cents at $46.88