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Market Update

European Stocks Advance After Greece Vote

Jun 30, 2011

Shares in Europe were trading higher early Thursday after the Greece parliament last evening voted in favor of austerity measures, required by European authorities in lieu of financial assistance that would help the debt-stricken nation avoid a near-term default.

At the time of writing, Britain's FTSE, France's CAC and Germany's DAX advanced 0.4% to 0.7%.

Financials were trading higher with Barclays, BNP Paribas, Deutsche Bank and Societe Generale rose 0.8% to 1.2%.

Shares in Royal Bank of Scotland surged 3.7% after reports said it may sell its Australian unit to Japan's Mitsubishi UFJ Financial Group. While Lloyds Banking Group jumped 7.2% after saying it would cut 15,000 jobs, a move that could save $2.4 billion.

BG Group climbed 5.2% after doubling its oil estimate from a Brazil basin.

Elsewhere, Asian stocks were trading broadly higher following the Greece vote and tracking Wall Street's gain overnight.

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