During European afternoon trade, the EURO STOXX 50 advanced 0.68%, France’s CAC 40 climbed 0.50%, while Germany’s DAX 30 rose 0.49%.
On Sunday, Greece’s creditors said they had reached their maximum offer for a voluntary debt swop and said it was now up to the EU and the International Monetary Fund to agree on whether they can accept the deal.
The restructuring agreement is a precondition for Athens to receive its next tranche of bailout funds in order to avert a default when a EUR14.4 billion bond redemption comes due on March 20.
Meanwhile, Germany auctioned EUR2.54 billion of 12-month Treasury bills at an auction which met with strong investor demand at very low yields.
Financial stocks extended earlier gains, led by Italy’s Unicredit with shares surging 10.74% and Intesa Sanpaolo climbing 5%.
French lenders Societe Generale and BNP Paribas also climbed higher with shares soaring 8.45% and 2.02%, while German Deutsche Bank and Commerzbank jumped 3.98% and 12.72%.
Meanwhile, carmakers edged higher with Daimler climbing 1.12% and Volkswagen advancing 0.45%, while BMW rose 0.27%.
Elsewhere, Outokumpu Oyj, Finland’s biggest producer of stainless steel, soared 12.92%, extending earlier gains as it held discussions that may lead to a merger with a unit of ThyssenKrupp AG, Germany’s largest steelmaker. For the latest updates on the stock market, visit Stock Market Today For the latest updates PRESS CTR + D or visit Stock Market news Today
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