LONDON: European stock markets rose at the start of trading on Wednesday, extending recent gains on bright US economic data, a debt relief deal for Greece and easing Brexit concerns.
In initial deals, London's benchmark FTSE 100 index won 0.7 percent to 6,263.93 points compared with Tuesday's close, as fears eased over Britain's looming June 23 referendum on EU membership.
In the eurozone, Frankfurt's DAX 30 index added 0.9 percent to 10,143.37 points and the Paris CAC 40 rose 0.6 percent to 4,457.85.
Asia stocks also jumped Wednesday, building on a strong lead from Wall Street and Europe, as investors also adjusted to the prospect of a US rate hike in the near future.
"It was bottoms up all round early on Wednesday as equity investors continued to indulge in recent gains around the globe," said analyst Tony Cross, at trading firm Trustnet Direct.
"It was a broad-based rally as stock markets rode the wave of improving economic conditions in the US, dampening Brexit fears, and a major breakthrough on Greece, which secured bailout loans from the Eurogroup and the IMF to avert an uncertain default."
Eurozone finance ministers reached a vital deal with Greece in the early hours of Wednesday to start debt relief for Athens as demanded by the International Monetary Fund, and to unlock 10.3 billion euros ($12 billion) in bailout cash.
The US-based IMF had said that easing Greece's huge debt burden was a condition for its continued participation in the bailout programme, despite opposition from Germany to giving Athens more favours.
Wall Street stocks had a good day on Tuesday with technology and financial shares benefitting especially from greater confidence in the US economic outlook.
Comments
Comments are closed for this article.