European stock markets were given a boost on Monday by the news that euro zone leaders reached an agreement to move forward with a bailout loan for Greece.
The eurozone's blue chip Euro STOXX 50 index hit a two-week high in mid-morning trade.
The FTSE 100 had gained around 0.7 percent by 1 p.m. (CET
), while the DAX had surged by around 1.4 percent.
"For the markets, it is clearly positive that there is an agreement among the European member states and that there is an atmosphere of co-operation," said Philippe Gijsels, Chief Strategy Officer at BNP Paribas in Brussels.
At the Frankfurt Stock Exchange, Baader Bank analyst Robert Halver said the exchange was "happy," but added that the markets "now have two problems."
"A small problem is that the (Greek)reforms have to be put in place and a second long-term problem, is whether they (those reforms) are enough to make Greece competitive. I doubt that," Halver said.
While the Athens Stock Exchange remained closed, US-listed Greek equity assets surged by more than 10 percent in pre-market trade.
Source: Euronews
