European Stocks Rise First Time in Three Days; Greek Shares Fall

European stocks rebounded from their biggest two-day drop since April, helped by a rally in German shares. Greek shares fell amid a debt impasse.

The Stoxx Europe 600 Index added 0.6 percent to 385.49 at the close of trading. It reversed losses of 1.1 percent after the European Commission said it would restart talks with Greece if offered new proposals. Germany’s DAX Index also swung to gains, rising 0.5 percent as a drop in the euro helped exporters. Spanish and Portuguese shares erased declines exceeding 1.5 percent.

Greece’s ASE Index fell 4.8 percent, completing the biggest three-day drop since anti-austerity party Syriza took charge in January. Weekend negotiations to find a deal that will help Greece avert default and stay in the euro area ended in acrimony, sending shares lower yesterday. The region’s finance chiefs next meet June 18.

Source: Bloomberg

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