european stocks rise before g7 with eyes on greece
Last Updated : GMT 06:49:16
Arab Today, arab today
Arab Today, arab today
Last Updated : GMT 06:49:16
Arab Today, arab today

European stocks rise before G7, with eyes on Greece

Arab Today, arab today

Arab Today, arab today European stocks rise before G7, with eyes on Greece

European stocks
London - AFP

European equity markets rose Wednesday before a G7 finance meeting that will focus on Greece's debt drama, while airlines group IAG neared its takeover of Irish rival Aer Lingus.

Finance ministers and central bank governors of the Group of Seven (G7) wealthiest nations are meeting in Dresden to discuss the global economy and financial regulation, with Athens on the agenda amid stubborn fears of a Greek eurozone exit.

German Finance Minister Wolfgang Schaeuble has invited his counterparts and their central bank chiefs from Britain, Canada, France, Italy, Japan and the United States, for the gathering which kicks off later on Wednesday.

In midday deals, London's benchmark FTSE 100 index of top companies rose 0.55 percent to 6,986.80 points, as investors also tracked the state opening of parliament and the legislative programme for Prime Minister David Cameron's newly-elected British government.

In Paris, the CAC 40 index added 0.55 percent to 5,111.30 points and Frankfurt's DAX 30 won 0.19 percent to 11,647 compared with Tuesday's closing level.

The European single currency advanced to $1.0924 on bargain-hunting from $1.0879 late in New York on Tuesday, when it had struck a one-month low at $1.0863 on Greek debt repayment concerns.

- Greek fears on hold? -

"The FTSE 100 is trading higher as the G7 meeting gets underway," said analyst David Madden at trading firm IG.

"Greece will be a topic for discussion at the G7 meeting in Dresden, and even though Greek fears have been put on hold today, the rally in European equities will be restricted because of it."

International Monetary Fund managing director Christine Lagarde, Eurogroup chief Jeroen Dijsselbloem, European Central Bank chief Mario Draghi and the EU Commissioner For Economic and Monetary Affairs, Pierre Moscovici -- all key players in the Greek dossier -- will all be at the G7 meeting.

The IMF, ECB and EU Commission -- previously known as the "troika" of Greece's creditors -- are currently trying to hammer out a Greek debt deal in return for pledges by Athens to push through crucial economic reforms.

As a June 5 repayment deadline looms, the two sides have still not reached a deal that will unlock the last batch of bailout money.

There are growing fears that a Greek default could see the country tumbling out of the eurozone, spooking global investors and markets.

"Negotiations between Greece and creditors are scheduled to be resumed today in Brussels while the situation concerning Greece will also certainly feature at a G7 meeting in Dresden," said analyst Markus Huber at the Peregrine & Black brokerage.

- Airline stocks fly higher -

London was boosted after the Irish government agreed Tuesday to sell its 25-percent stake in Aer Lingus to British Airways owner International Airlines Group (IAG).

IAG's takeover deal offers Aer Lingus shareholders 2.55 euros a share -- 2.50 euros plus a 0.05 euros dividend -- valuing it at 1.36 billion euros ($1.7 billion).

The announcement sent IAG's share price 0.83 percent higher to 549 pence in London on Wednesday, while Aer Lingus shares won 2.63 percent to 2.44 euros in Dublin.

However, the takeover now hinges on the next move by Ryanair -- which owns almost 30 percent of the Irish flag-carrier.

Shares in cigarette maker Imperial Tobacco rallied 2.44 percent to 3,364 pence after Reynolds American won regulatory approval to sell its Winston, Kool, Salem and Maverick brands to the British firm.

In foreign exchange trade, the dollar sat around eight-year highs against the yen on the increased likelihood of a Federal Reserve interest rate hike.

Modest improvements in US consumer confidence, home sales and prices, as well as orders for core industrial goods, pointed to a pick-up in growth in the world's biggest economy.

In Asian stock market deals on Wednesday, Tokyo clocked up a ninth straight gain thanks to a weaker yen while Shanghai jumped for a seventh session as investors bet on China unveiling more economy-boosting measures.

However, most other markets in Asia retreated on the heels of a sell-off on Wall Street.

New York's Dow Jones Industrial Average dropped 1.04 percent Tuesday on a strengthening US dollar, which hurts exporters.

 

arabstoday
arabstoday

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*

european stocks rise before g7 with eyes on greece european stocks rise before g7 with eyes on greece

 



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*

european stocks rise before g7 with eyes on greece european stocks rise before g7 with eyes on greece

 



GMT 10:06 2012 Saturday ,28 July

Querrey advances at ATP LA Open

GMT 21:15 2017 Thursday ,01 June

Trump condemns deadly Kabul explosion

GMT 02:15 2017 Thursday ,24 August

Is your country on the Qatar free entry list of 80?

GMT 19:48 2016 Monday ,03 October

Controversial boxing champ Tyson Fury retires

GMT 08:20 2015 Tuesday ,08 December

PC market woes show no sign of easing

GMT 17:27 2017 Tuesday ,25 April

20 Yemeni soldiers killed, injured in explosion

GMT 11:52 2017 Saturday ,30 December

OIC condemns Mar Mina Church attack

GMT 00:03 2017 Saturday ,25 March

Arab Meeting to Examine Anti-Corruption Methods

GMT 13:12 2017 Thursday ,20 April

Deputy premier meets Arab League chief

GMT 14:13 2014 Friday ,10 January

Opel Astra GTC

GMT 18:27 2016 Tuesday ,02 August

Turkish Foreign Minister arrives in Islamabad

GMT 11:27 2016 Tuesday ,13 December

Saudi woman arrested for challenging social norms
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

Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2021 ©

Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2021 ©

arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday