(MENAFN- AFP) European stocks were little changed on Monday as investors awaited the outcome of high-stakes debt talks between Greece and its eurozone partners in Brussels.
London's benchmark FTSE 100 index sagged a slight 0.18 percent to stand at 6,860.87 points in afternoon deals in the British capital.
Frankfurt's DAX 30 was off 0.22 percent at 10,939.57 points, while the CAC 40 index in Paris stabilised up 0.01 percent at 4,759.75 points compared with Friday's close.
The Greek market however crashed by more than four percent before a key meeting of eurozone finance ministers over Athens' controversial proposals to overhaul its bailout by international creditors, led by European paymaster Germany.
After last week's failure to make any breakthrough in negotiations, ETX Capital analyst Daniel Sugarman said that "a final agreement would appear to depend on at least one of the two sides making significant concessions."
"Time and money are running out for Greece," said Holger Schmieding of Berenberg financial analysts.
"A subtle change in tone in Athens suggests that the new Greek government has started to notice.
"But whether Prime Minister (Alexis) Tsipras has really grasped how close he has already pushed Greece to the abyss of wholesale financial crisis, recession and 'Grexit', and whether he is ready to perform the inevitable U-turn to avoid that fate remains a very open question," he said.
Greece risks being forced out of the euro -- in what has been dubbed a "Grexit" -- if a deal is not found by the end of the month, when its mammoth 240 billion euro bailout runs out.
The European single currency firmed to $1.1404 in afternoon deals in London from $1.1393 late in New York on Friday.
- 'Old bugbears are back' -
Meanwhile, investors are increasingly anxious over the shaky new truce in Ukraine.
Under a peace plan inked by the rebels and Kiev both sides were meant to start withdrawing heavy weaponry from the frontline no later than two days after the start of a truce that came into effect at 2200 GMT Saturday.
However fighting persists around the key government-held town of Debaltseve and each side accuses the other of continued firing.
"The old bugbears are back to stalk markets," said analyst Chris Beauchamp at trading firm IG.
"The ceasefire in Ukraine, barely a day old, is already looking shaky, while anxious eurozone markets turn their eyes to the latest meeting between finance ministers, who are recommencing the uphill struggle to hammer out an agreement between Greece and its partners."
Asian equities had however advanced Monday after a record close on Wall Street, while Greece's leadership expressed confidence it could hammer out a new debt deal with European creditors.
Markets are hoping a deal can be reached before the end of the month, when Greece's bailout is due to expire. Failure to agree an extension would see it default on its giant debts and likely mean it would crash out of the eurozone.
Japanese shares ended above 18,000 points for the first time in more than seven years, supported by data showing the nation's economy had exited recession.
Tokyo rose 0.51 percent to finish at 18,004.77 -- the first time it has been above the psychologically key level since July 2007.
Hong Kong added 0.18 percent, Shanghai climbed 0.58 percent, Sydney added 0.19 percent and Seoul was marginally higher.
There was no trading on Wall Street on Monday which was closed due to a US national holiday.
Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.