Market Update

European Shares Rise on Greece Hopes

Jun 29, 2011

European equities advanced in early trade Wednesday, as investors hoped for a near-term resolution to the Greece debt crisis ahead of a key parliament vote on austerity measures required for emergency funds.

At the time of writing, Britain's FTSE, France's CAC and Germany's DAX were trading about 0.8% higher each.

Financials stocks were among the gainers with Barclays, BNP Paribas, Credit Agricole and Societe Generale adding between 1% and 1.5%.

While mining stocks, too, witnessed buying: BHP Billiton, Rio Tinto, Xstrata and Anglo American climbed 1.2% to 2%.

In news-driven movers, shares of insurer Allianz SE rose 2.1% following a broker upgrade. While Glencore International Plc gained 1.6% after several brokerage firms initiated coverage over the company.

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