Europe open: Greek debt deal and upbeat PMIs boost markets
European markets kicked off the session in positive territory as Greece said it should reach a deal with international creditors next week.
Greek economy minister George Stathakis on Wednesday said he expects the nation to come to an agreement with Eurozone partners and the International Monetary Fund on a package of reforms that will unlock further aid.
“I think talks will lead to a deal next week. The agreement will close on [Greek Orthodox] Easter week," Stathakis told Skai TV.
The euro recovered 0.24% to $1.0757 after falling a day earlier on Greek woes.
In economic data, HSBC’s final estimate on the Chinese purchasing managers’ index for manufacturing in March was revised to 49.6 from a previous estimate of 49.2, ahead of analysts’ forecasts of 49.3. A reading below 50 signals a contraction while a level above that indicates expansion.
A separate measure of China manufacturing also showed an improvement in March. The China Federation of Logistics and Purchasing said the PMI rose to 50.1 last month from 49.9 in February.
Meanwhile, the PMI for China non-manufacturing fell to 53.7 from 53.9.
In the Eurozone, the manufacturing PMI for March was revised higher to 52.2 from 51.9, beating estimates of 52.4.
The UK at 08:30 GMT will also see the release of manufacturing PMI which is expected to show a slight increase in March.
ISM at 14:00 GMT publishes its final estimate of PMI for US manufacturing.
Among stocks, energy companies were rising, including BG Group and BP. Banks were also higher with gains in Barclays and Banco de Sabadell SA.
In commodities, Brent crude fell 0.1% to $55.05 per barrel, according to the ICE.