European stocks climbed, with Germanyâ€™s DAX Index rising above 11,000 for the first time after a report showed the nationâ€™s economy accelerated.
The Stoxx Europe 600 Index added 0.6 percent to 376.95 at 8:41 a.m. in London, extending a seven-year high, as Greek and European Union leaders signaled willingness to compromise on bailout terms after a summit yesterday. The measure has gained 1 percent this week, poised for a second straight advance.
The DAX climbed as much as 0.9 percent to 11,013.85 after data showed German gross domestic product surged 0.7 percent in the fourth quarter, following a 0.1 percent expansion in the previous three months. The index then pared gains to 0.7 percent.
The Stoxx 600 rose to a seven-year high yesterday amid speculation over a Greece and optimism that crisis in Ukraine wonâ€™t escalate after a cease-fire agreement with Russia, Germany and France. The benchmark gauge has jumped 10 percent this year as the European Central Bank unveiled a 1.1 trillion euro ($ 1.2 trillion) asset-purchase plan. Stocks have widened a gap with the euro on speculation the ECBâ€™s policies will help boost economic growth and corporate profits.
Greeceâ€™s ASE Index rallied 7.6 percent, heading for its best week since April 2013. Prime Minister Alexis Tsipras said on Thursday his government is seeking a six-month bridge agreement with creditors that would lead to a â€œnew contractâ€ with the euro area. Political will exists in the region for a deal, he said. German Chancellor Angela Merkel said her first meeting with Tsipras was friendly. Greek negotiators and officials from euro-area creditors plan to meet today.