London: European stocks opened higher on Wednesday, breaking a two-day losing streak, thanks to a string of upbeat corporate outlooks and as investors bet that Greece will finally secure the bailout it needs to avoid a chaotic default.
At 1:35pm, the FTSEurofirst 300 index of top European shares was up 0.5% at 1078.52 points. The DAX was up 1%, the French CAC 40 added 0.8% and Britain’s FTSE 100 was 0.4% higher.
Greek parties will try yet again on Wednesday to strike a reform deal in return for a new international rescue.
“The markets are moving on the idea that no matter how long it takes, something must be settled and resolved satisfactorily,” said Mike Lenhoff, chief strategist at Brewin Dolphin Securities. “Also what’s driving the markets is just the better background that we are getting to see.”
Banks led the gainers, rising 1.2%.