(MENAFN- FxPro) European stocks rose on Thursday, as equities recovered from a six-day downtrend sparked by a selloff in European bonds and as hopes for progess on the Greek debt front lent some support.
During European morning trade, the EURO STOXX 50 gained 0.41%, France's CAC 40 rose 0.35%, while Germany's DAX 30 advanced 0.63%.
European equities came under pressure following a recent selloff in European government bonds, with German 10-year bund yields rising to the highest levels since September 2014 on Wednesday.
Investors remained cautious as uncertainty over Greece continued, but hopes for an agreement on a cash-for-reforms deal supported the single currency.
Greece's bailout agreement with the European Union and the International Monetary Fund is set to expire at the end of this month and it cannot make further debt repayments without a new deal.
Financial stocks were broadly higher, as French lenders BNP Paribas (PARIS:BNPP) and Societe Generale (PARIS:SOGN) rose 0.32% and 0.59%, while Germany's Deutsche Bank (XETRA:DBKGn) gained 0.49%.
Among peripheral lenders, Italy's Intesa Sanpaolo (MILAN:ISP) edged up 0.09%, while Spanish banks Banco Santander (MADRID:SAN) and BBVA (MADRID:BBVA) added 0.08% and 0.14% respectively.
Elsewhere, LVMH Moet Hennessy Louis Vuitton SA (PARIS:LVMH) rallied 1.73% after JPMorgan (NYSE:JPM) raised its rating on the stock to the equivalent of "buy", saying the French company may have one of the best growths in the luxury industry.
In London, FTSE 100 inched up 0.02%, as U.K. lenders mostly tracked their European counterparts higher.
Shares in Lloyds Banking (LONDON:LLOY) rose 0.36% and Barclays (LONDON:BARC) gained 0.48%, while the Royal Bank of Scotland (LONDON:RBS) jumped 0.99%. HSBC Holdings (LONDON:HSBA) underperformed however, with shares sliding 0.33%.
In the mining sector, stocks were mixed. Glencore Xstrata (LONDON:GLEN) saw shares drop 0.52% and Fresnillo (LONDON:FRES) tumbled 1.29%, while rivals Bhp Billiton (LONDON:BLT) and Rio Tinto (LONDON:RIO) gained 0.24% and 0.67% respectively.
Meanwhile, Royal Mail (LONDON:RMG) led losses on the index, with shares plummeting 3.10% following news Britain's new government is selling half of its 30% stake in the company.
In the U.S., equity markets pointed to a steady open. The Dow Jones Industrial Average futures pointed to a 0.01% uptick, S&P 500 futures signaled a 0.04% dip, while the Nasdaq 100 futures indicated a 0.01% gain.
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.