ROME: European stocks mostly higher on Tuesday, as investors eyed a euro zone summit scheduled later in the day and aimed at restarting negotiations between Greece and its lenders.
During European morning trade, the EURO STOXX 50 added 0.20%, France’s CAC 40 edged up 0.10%, while Germany’s DAX 30 rose 0.21%.
Greek Prime Minister Alexis Tsipras was to present new proposals to euro zone finance ministers later in the day, ahead of a meeting of European officials to discuss the aftermath of Sunday’s referendum in Greece.
Greek banks were set to remain closed on Tuesday after capital controls were extended until Wednesday, amid concerns that lenders are close to running out of cash. Banks have been shuttered since last Monday, with ATM withdrawals limited to €60 per day.
The European Central Bank announced Monday that it would keep its emergency liquidity assistance to Greece unchanged at levels announced last Monday.
The ECB also said it will adjust the haircuts on collateral accepted by the Bank of Greece as part of the ELA, adding to pressure on Athens.
Financial stocks were broadly higher, as French lenders Societe Generale (PARIS:SOGN) and BNP Paribas (PARIS:BNPP) rose 0.10% and 0.46%, while Germany’s Deutsche Bank (XETRA:DBKGn) and Commerzbank (XETRA:CBKG) advanced 0.48% and 0.70%.
Among peripheral lenders, Italy’s Unicredit (MILAN:CRDI) and Intesa Sanpaolo (MILAN:ISP) rallied 1.32% and 1.34% respectively, while Spanish banks BBVA (MADRID:BBVA) and Banco Santander (MADRID:SAN) added 0.18% and 0.42%.
On the downside, Technip (PARIS:TECF) plunged 7.73% after the French company said it plans to cut 6,000 jobs and reduce its fleet of oil-service ships.
In London, commodity-heavy FTSE 100 dipped 0.02%, weighed by losses in the mining sector.
Shares in Bhp Billiton (LONDON:BLT) slid 0.37% and Glencore Xstrata (LONDON:GLEN) dropped 0.62%, while rivals Rio Tinto (LONDON:RIO) and Fresnillo (LONDON:FRES) declined 0.72% and 0.87% respectively.
Meanwhile, U.K. lenders tracked their European counterparts higher. Shares in HSBC Holdings (LONDON:HSBA) rose 0.23% and the Royal Bank of Scotland (LONDON:RBS) gained 0.52%, while Lloyds Banking (LONDON:LLOY) advanced 0.84%. Barclays (LONDON:BARC) held steady, with shares inching down just 0.05%.
