(MENAFN- AFP) Europe's main stock markets mostly rose Monday after eurozone ministers tentatively agreed to extend Greece's bailout by four months, but London fell on disappointing results from HSBC bank.
Frankfurt's DAX 30 gained 0.37 percent at 11,091 points and the CAC 40 in Paris added 0.16 percent to 4,838.80, while Athens was shut for a holiday.
And on the downside, London's benchmark FTSE 100 fell 0.32 percent to 6,892.80 points in midday deals, hit after HSBC posted a 15-percent slump in annual net profits.
In foreign exchange activity, the euro slipped to $1.1309 from $1.1381 late in New York on Friday.
Greece was putting the final touches to reform proposals due to its European creditors Monday, seeking to balance its commitments under a debt deal with curtailed anti-austerity ambitions.
European finance ministers gave Athens the deadline on Friday to present proposals that would convince its creditors to grant a four-month extension of its debt bailout and avoid a damaging default.
"The positive open comes after news late Friday that Greece and the Eurogroup had reached a tentative agreement for an extension of its bailout for four months," said Mike van Dulken, head of research at trading firm Accendo Markets.
"The deal calls for Greek and European officials to agree to a series of reforms by the end of April, with Greece due to present a first list of reform measures -- still subject to validation by the International Monetary Fund, the European Central Bank and the European Commission -- today."
Asian equities picked up Monday on a strong lead from Wall Street, which surged to fresh records on Friday after Greece was granted a provisional bailout extension, easing worries over its future in the eurozone.
"The loan-extension deal announced on Friday is a small step in the right direction," said analysts at US bank Morgan Stanley in a research note.
"Yet there's little agreement on the reform measures that the Greek government will have to comply with.
"The chance of policy mistakes, political volatility and implementation risks remains quite high, and may rise."
- HSBC tops fallers -
The biggest faller on the London stock market was Asia-focused bank giant HSBC, which revealed that 2014 earnings plunged in a "challenging year" that was blighted by fines and compensation for mis-selling insurance products.
The bank, which is currently mired in a scandal over alleged tax-dodging at its Swiss private banking division, said profits after taxation sank 15 percent to $13.7 billion (12.0 billion euros) in 2014.
That compared with $18.7 billion in 2013 when its performance was also boosted by disposals. Pre-tax profits meanwhile tumbled 17 percent to $18.7 billion.
In reaction, HSBC shares dived 5.62 percent to 571.20 pence.
Also in the bank sector, Britain sold a 1.0-percent stake in state-rescued Lloyds Banking Group for £500 million ($769 million, 677 million euros).
The Treasury announced in a statement that the sale has trimmed the government's stake from 24.9 percent to just under 24 percent.
In midday Monday deals, LBG's share price gained 1.14 percent to 78.87 pence.
The latest shares were sold above the average price that the previous government had paid for them, which was 73.6 pence.
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