European stocks rise as Greek resolution eyed

By @ibtimes on

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 0805 GMT, the FTSEurofirst 300 <.FTEU3> index of top European shares was up 0.5 percent at 1078.52 points. The DAX <.GDAXI> was up 1 percent, the French CAC 40 <.FCHI> added 0.8 percent and Britain's FTSE 100 <.FTSE> was 0.4 percent 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 percent <.SX7P>.

(Reporting By Toni Vorobyova)

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