Arab Today, arab today european stock markets rally as greece makes new proposal
Last Updated : GMT 06:17:11
Arab Today, arab today
Arab Today, arab today

European stock markets rally as Greece makes new proposal

Arab Today, arab today

Arab Today, arab today European stock markets rally as Greece makes new proposal

Screen showing Greek Prime Minister Alexis
London - AFP

European stock markets rallied on Wednesday, with Greece proposing a fresh deal to its creditors ahead of an EU decision on whether to prolong its bailout programme.

In midday trade, Frankfurt's DAX 30 climbed two percent to 11,166.67 points and the CAC 40 in Paris advanced by 2.39 percent in value to 4,904.90.

Madrid won 1.63 percent and Milan gained 2.41 percent, while the Athens stock markets remained shut.

Outside the eurozone, London's benchmark FTSE 100 index rose 1.39 percent to 6,611.31 points compared with Tuesday's close.

In foreign exchange, the euro dipped to $1.1125 from $1.1139 late in New York on Tuesday.

European indices had slid on Tuesday, extending heavy losses seen at the start of the week, as hopes faded of a last-minute deal to stave off Greece defaulting on its payment to the International Monetary Fund.

The Greek government confirmed Wednesday it had sent an "amended" proposal to its international creditors in the hope of sealing a deal to stave off financial ruin.

A letter sent by Prime Minister Alexis Tsipras to the EU, ECB and IMF Tuesday evening asked for "a new agreement that regulates the country's financing issues through the European Stability Mechanism (ESM), to ensure debt sustainability by focusing on growth," a government source said.

Banks' share prices were rising strongly, with Royal Bank of Scotland up 3.30 percent, Commerzbank winning 2.66 percent and BNP Paribas increasing its value by 2.95 percent from Tuesday's close.

The European Union will meanwhile decide Wednesday whether to hand Greece a last-minute bailout package to prevent the country moving further towards an exit from the eurozone.

Greece on Tuesday failed to make a 1.5 billion euro ($1.7 billion) payment to the International Monetary Fund, becoming the first industrialised country to do so.

On the same day, the international bailout keeping the Greek economy afloat formally expired.

"Investors are still hopeful of a positive outcome," said Mike van Dulken, head of research at Accendo Markets.

"Suggestions are that fresh Greek proposals are now closer to those of the creditors."

Wednesday meanwhile marked the start of the third quarter after a volatile six months' trading for Europe's stock markets.

"It's not been a good quarter for European markets, posting fairly hefty falls, after a spectacular start to the year but they still remain (mostly) in positive territory for the year," said Michael Hewson, chief market analyst at CMC Markets UK.

Hewson noted however that London's FTSE 100, consisting of major energy and mining companies, had been additionally weighed down by lower commodity prices this year.

Asian stock markets mostly closed higher Wednesday, with Tokyo lifted by an upbeat survey on business confidence, but Shanghai's volatile run continued, plunging more than five percent.

US stocks finished moderately higher Tuesday, recovering some of the prior session's losses.

arabstoday
arabstoday

GMT 05:41 2017 Tuesday ,23 May

Tadawul index stays almost flat

GMT 20:24 2017 Saturday ,20 May

US Stocks Close Higher

GMT 17:28 2017 Thursday ,18 May

Saudi stocks rise in heavy trading

GMT 21:37 2017 Wednesday ,17 May

US Stocks Close Mixed

GMT 04:58 2017 Wednesday ,17 May

Tadawul index gains 0.7%

GMT 06:20 2017 Tuesday ,16 May

Tadawul index climbs 0.6%

GMT 13:43 2017 Monday ,15 May

Oman share index declines marginally
View News in Arabic - Business: أسواق مالية
Arab Today, arab today
Arab Today, arab today

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today european stock markets rally as greece makes new proposal Arab Today, arab today european stock markets rally as greece makes new proposal

 



Arab Today, arab today

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today european stock markets rally as greece makes new proposal Arab Today, arab today european stock markets rally as greece makes new proposal

 



Arab Today, arab today France defies terrorism through tourism

GMT 15:18 2017 Saturday ,20 May

France defies terrorism through tourism
Arab Today, arab today How to do your own Ramadan corner?

GMT 15:53 2017 Saturday ,27 May

How to do your own Ramadan corner?

GMT 05:41 2017 Tuesday ,23 May

Tadawul index stays almost flat

GMT 20:24 2017 Saturday ,20 May

US Stocks Close Higher

GMT 17:28 2017 Thursday ,18 May

Saudi stocks rise in heavy trading

GMT 21:37 2017 Wednesday ,17 May

US Stocks Close Mixed

GMT 04:58 2017 Wednesday ,17 May

Tadawul index gains 0.7%

GMT 06:20 2017 Tuesday ,16 May

Tadawul index climbs 0.6%

GMT 13:43 2017 Monday ,15 May

Oman share index declines marginally
View News in Arabic - Business: أسواق مالية
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday