European Stocks Advance Amid Optimism Greek Resolution Is Close

European stocks climbed on optimism a resolution to Greek debt talks is close and that the fallout of a potential exit from the euro would be contained.

The Stoxx Europe 600 Index added 0.4 percent to 385.59 at the close of trading, paring gains of as much as 1.2 percent. The equity gauge fell 1 percent this week. Greeceā€™s ASE Index rose 0.6 percent on Friday, after earlier adding as much as 2.6 percent as the European Central Bank increased the maximum amount of emergency funding available to Greek lenders. Benchmark indexes of Ireland and Italy rose at least 1.1 percent for the biggest advances in western-European markets.

The Stoxx 600 reached its lowest level since February on Monday as talks between Greece and its creditors deteriorated. But with fears of contagion easing, the benchmark index of European equities reversed losses on Thursday. Greek stocks account for less than 0.1 percent of the Stoxx 600.

Source: Bloomberg

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