European Stocks Near 7-Year High as Greek Shares Drop Amid Talks

European stocks traded near a seven-year high, while Greek shares fell on skepticism that a debt agreement is within reach.

The Stoxx Europe 600 Index slid 0.1 percent to 376.55 at the close of trading in London, following a drop of as much as 0.3 percent. Greece’s ASE Index lost 3.8 percent, the most among 18 western-European markets, as German Finance Minister Wolfgang Schaeuble said on Deutschlandradio that weekend discussions failed to make sufficient progress in identifying common ground. Europe’s finance ministers met again in Brussels on Monday to discuss financing for the region’s most indebted state.

Greek lenders slid the most in the Stoxx 600 on Monday, with National Bank of Greece SA, Piraeus Bank SA and Eurobank Ergasias SA down more than 12 percent. The volume of Stoxx 600 shares changing hands was 35 percent lower than the 30-day average. The U.S. market was closed for a holiday.

Source : Bloomberg

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European Stocks Close at 7-Year High; Greek Shares Drop on Talks

Stocks in Europe closed at their highest level in more than seven years. Greek shares fell amid concern over talks between the nation’s government and European leaders.

The Stoxx Europe 600 Index added 0.1 percent to 372.51 at the close of trading, erasing intraday losses of as much as 0.6 percent as energy shares advanced. The ECB restricted loans to Greece, a decision that will raise financing costs for the nation’s banks and increase oversight by policy makers. The Greek ASE Index slid 3.4 percent as lenders slumped.

Following the ECB’s move, the government in Athens held onto demands to end austerity. German Finance Minister said after a meeting with his Greek counterpart that they “agreed to disagree,” signaling no compromise. Optimism that Greece’s new government will soften its anti-austerity stance had sent the Stoxx 600 higher earlier this week, with the ASE posting its biggest three-day rally since 1991.

The Stoxx 600 has surged 8.8 percent this year after the ECB announced a bond-buying plan that included sovereign bonds. The volume of Stoxx 600 shares changing hands was 5.3 percent greater than the 30-day average, data compiled by Bloomberg show.

Source : Bloomberg

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