European stocks rise for a fourth day amid Greek deal optimism
By Bloomberg
European stocks posted their longest winning streak in a month as the region’s leaders agreed Greece’s government was getting serious about reaching a deal.
The Stoxx Europe 600 Index rose 0.9 percent to 397.97 at 8:07 a.m. in London. The benchmark measure jumped the most in six weeks yesterday after Greece proposed a new set of reforms that stoked optimism it may reach an agreement with creditors. It had tumbled 7.5 percent from an April record through June 15 amid a stalemate between the two.
European leaders agreed to step up talks and gave the country’s government 48 hours to make the final changes to the plans it submitted to win aid. Greece’s latest package represents a step forward, although not entirely satisfying creditors yet, German Chancellor Angela Merkel said last night.
A gauge of travel and leisure companies was among the best performers in 19 Stoxx 600 groups. Greene King Plc and InterContinental Hotels Group Plc climbed at least 1.9 percent after their shares were upgraded at Barclays Plc and Credit Suisse Group AG respectively.
Ladbrokes Plc jumped 8.2 percent after the betting company confirmed it’s in merger talks with Gala Coral Group Ltd. Bunzl Plc dropped 2 percent after reporting lower organic growth in the first half of the year.
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