Greek stocks lead Europe higher as investors look to bailout talks
Greek stocks headed for their biggest rally in a more than a month, leading European shares higher as investors awaited the outcome of the country’s debt talks.
The Stoxx Europe 600 Index advanced 0.8 percent to 399.61 at 1:16 p.m. in London. Greece’s ASE Index added 4.3 percent, for the biggest gain among western-European markets.
The ECB, which kept its key interest-rates unchanged, may give new economic forecasts showing the recovery is on track, even as Greece’s debt problem remains unsolved. Greek Prime Minister Alexis Tsipras said he will press creditors to be realistic about what his country can accept as they prepare to deliver a final proposal on its debt in Brussels today.
“We are looking for better economic news and a solution for Greece,” said Hilary Wakefield, head of portfolio management at EFG Asset Management Ltd. in London. “What we want from the ECB is a statement saying some recovery is coming through but not sufficient to stop the QE program in place.”
ECB President Mario Draghi holds a press conference at 2:30 p.m. Frankfurt time.
Royal Ahold NV gained 5 percent and Delhaize Group climbed 6.9 percent after people familiar with the matter said that merger talks between the two retailers are progressing. Syngenta AG climbed 1 percent as it was said to be working with Monsanto Co. to iron out regulatory concerns that could stymie the U.S. company’s proposed takeover of its Swiss rival.
Credit Suisse Group AG advanced 3.7 percent. RBC Capital Markets upgraded its rating on the lender to the equivalent of buy, citing the possibility of strategic changes when Tidjane Thiam takes over as chief executive officer next month.
Cable provider Altice SA slid 1.9 percent as rivals Telefonica SA and Bouygues SA set up a joint venture to offer telecommunications services to multinational companies.
Amadeus IT Holding SA, a Spanish operator of travel booking systems, tumbled 10 percent, the most in at least five years, after Deutsche Lufthansa AG announced a charge for external bookings.
[Bloomberg]
