Investors are looking for developments in Greece’s debt talks
By Sara Sjolin, MarketWatch By Sara Sjolin, MarketWatch
LONDON (MarketWatch) — European markets edged higher Monday, lifted by shares in banks and oil companies, as investors looked for developments in stalled Greek debt talks.
The pan-European Stoxx 600 index XX:SXXP +0.08% rose 0.2% to 256.39, reversing Friday’s loss.
The British FTSE 100 UK:UKX +0.29% index gained 0.3% to 5,745.52 and the French CAC 40 FR:PX1 +0.10% was up 0.2% at 3,329.19.
In Germany, the DAX 30 index DX:DAX -0.53% traded flat around 6,405.16.
In Athens, the Greek ASE Composite GR:GD +0.71% fell 0.9% to 702.49, as the government and private creditors over the weekend failed to reach an agreement to write down debt. Talks between the two parties to cut Greece’s debt by as much as 100 billion euros ($129.3 billion) have been ongoing since Wednesday last week after negotiations broke down the week before.
An agreement is sees as crucial for Greece to avoid a default when €14.4 billion comes due on March 20.
In addition to developments in Greece, investors were focusing on Monday’s meeting of European finance ministers in Brussels, where progress on Greece will be discussed.
In Asia, most stock markets were closed for Chinese Lunar New Year holidays.
Elsewhere, stock markets across Europe were buoyed by the banking sector, with Banca Monte dei Paschi de Siena SpA IT:BMPS +8.65% jumping 10.4%, Societe General S.A. FR:GLE +5.69% gaining 7.2%, UniCredit SpA IT:UCG +5.25% adding 5.6% and Commerzbank AG DE:CBK +4.14% taking on 5.1%.
Also adding to the positive sentiment, oil companies Hunting PLC UK:HTG +4.74% gained 5.9% and Cairn Energy PLC UK:CNE +1.41% advanced 2%.
SABMiller PLC UK:SAB +1.36% took on 1.3% after an upgrade from Citigroup.
Among decliners, Weir Group PLC UK:WEIR -3.63% posted the biggest loss in the Stoxx 600 after J.P. Morgan Cazenove downgraded the stock to neutral, citing uncertainty about near-term development in demand for so-called fracking equipment. Fracking is a way of drilling for natural gas.
