LONDON: Europe’s main stock markets closed higher Monday, rebounding after a volatile session marked by concerns about resolving Greece’s cash crisis.
London’s benchmark FTSE 100 index of top companies gained 0.12 percent to end the day at 6,968.87 points, while in Paris, the CAC 40 index rose 0.37 percent to 5,012.31 points compared with Friday’s close.
Frankfurt’s DAX 30 climbed 1.29 percent to 11,5594.28 points, taking back some of the more than two percent the index lost last week.
And in Greece the Athex Composite index closed up 1.62 percent, following reports the Greek government was being “more constructive,” said Craig Erlam, senior market analyst at Oanda.
“Weakness in the euro this afternoon is probably also helping to lift stocks in Europe, with exporters benefiting from weaker currency making them more competitive. This is likely to play a big role in their recovery this year,” he added.
The European single currency Monday fell to $1.1353 from $1.1446 late in New York on Friday, after hitting a more than three-month high at $1.1467.
Greece said Monday it wants to reach a loan deal with its EU-IMF creditors by the end of May to resolve an acute cash shortage.
Greece’s new radical Syriza-led government and its EU-IMF creditors have been stuck in a deadlock for four months over the reforms needed to release a final 7.2 billion euros ($8.2 billion) in bailout funds.
The delay has led to concerns Athens is running critically short of cash and may soon end up defaulting, which could set off a messy exit from the euro.
