European stocks gain as Greece talks debt

GMT 17:29 2015 Monday ,02 February

Arab Today, arab today European stocks gain as Greece talks debt

Greek Finance Minister Yanis Varoufakis
London - AFP

Europe's main stock markets rose Monday as Greece's new anti-austerity government seeks support for a renegotiation of the country's 240 billion euro ($270 billion) bailout in the face of German opposition.
Greek stocks rallied 3.7 percent in mid-afternoon trading, with Greek Finance Minister Yanis Varoufakis meeting his British counterpart  -- the latest stop on his European charm offensive.
US President Barack Obama, who Monday put forward a $4.0 trillion budget loaded with spending and tax reforms, warned the world that continued imposition of tough austerity programmes on Greece could backfire on its creditors.
"You cannot keep on squeezing countries that are in the midst of depression," Obama told CNN.
"At some point, there has to be a growth strategy in order for them to pay off their debts to eliminate some of their deficits."
In afternoon deals, London's benchmark FTSE 100 index was up 0.22 percent at 6,764.46 points.
Frankfurt's DAX 30 index climbed 0.50 percent to 10,748.24 points, and in Paris the CAC 40 edged up 0.18 percent to stand at 4,612.21 compared with Friday's close.
The euro increased to $1.1318 from $1.1284 late in New York on Friday.
In Asia, Shanghai stocks tumbled Monday after two gauges of Chinese manufacturing activity showed contraction in January.
Wall Street stocks opened modestly higher, rallying after last week's losses at the kickoff of a heavy week of economic data.
Five minutes into trade, the Dow Jones Industrial Average was up 0.11 percent at 17,183.86.
The broad-based S&P 500 rose 0.21 percent to 1,999.27, while the tech-rich Nasdaq Composite Index increased 0.12 percent to 4,640.71.
In corporate movement on Monday, shares in Ryanair slid 6.2 percent to 9.75 euros as the no-frills Irish airline gave a cautious outlook after swinging into profit during its third quarter.
Ryanair said its profit growth expectations were "modest" for next year as its expects rivals to cut fares because of cheaper oil prices.
"It is important that analysts are mindful of this likely increased price competition when revising their forecasts," chief executive Michael O'Leary said in the statement.
World oil prices rose Monday, reversing earlier losses, with focus on the United States where refineries were on strike.
US benchmark West Texas Intermediate for delivery in March climbed 26 cents to $48.50 a barrel.
Brent North Sea crude for March gained 60 cents to stand at $53.59 a barrel in afternoon deals compared with Friday's close.
The oil market has lost more than half its value since June last year when the commodity was sitting at more than $100 a barrel, largely owing to a surge in global reserves boosted by robust US shale oil production.
The problem was exacerbated in November after the OPEC oil cartel insisted that it would maintain output levels despite plunging prices. The 12-nation group pumps about 30 percent of global crude.

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