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Europe shares up on Greece deal news Europe shares up on Greece deal news
(35 minutes later)
(Open): Shares in London and other key European markets have risen on news that eurozone leaders have reached a deal on a third bailout for Greece. (Noon): Shares in London and other key European markets have risen on news that eurozone leaders have reached a deal on a third bailout for Greece.
By mid morning, the FTSE 100 had gained 0.6%, or 40.29 points, to 6,713.67. Markets in France and Germany rose by 1.8% and 1.3% respectively. By midday, the FTSE 100 had gained 0.67%, or 45.02 points, to trade at 6,718.40.
France's CAC-40 was up 1.96% to 4,999.33 while Germany's Dax was up 1.4% at 11,472.95.
The rises came after European Council President Donald Tusk said a bailout for Greece was "all ready to go".The rises came after European Council President Donald Tusk said a bailout for Greece was "all ready to go".
Earlier, shares in Asian markets were mostly up on hopes for a deal.Earlier, shares in Asian markets were mostly up on hopes for a deal.
Bank shares surged, with the euro-area banking indexes up 2.7%. Deutsche Bank shares were also up 2.6%, while the biggest winner on Frankfurt's main index was shares and securities trader Deutsche Boerse, up 3.2%. Bank shares surged, with the euro-area banking indexes up 2.7%. Deutsche Bank shares were also up 2.7%, while the biggest winner on Frankfurt's main index was shares and securities trader Deutsche Boerse, up 3.4%.
However, the euro fell slightly, down 0.6% against the dollar to buy $1.108, and down 1.09% against the pound to buy 71.1p. However, after an early spike upwards, the euro fell 0.8% against the dollar to buy $1.1068, and tumbled 1.03% against the pound to buy 71.1p.
Nick Stamenkovic at RIA Capital Markets said: "The relief rally in the euro was short-lived as investors await details of the Greek agreement."Nick Stamenkovic at RIA Capital Markets said: "The relief rally in the euro was short-lived as investors await details of the Greek agreement."
'Execution risk''Execution risk'
Italian and Spanish bond yields fell as they were seen as less risky, with investors moving away from safe-haven bonds such as the German bund. The German 10-year bund yield rose by 0.3% to 0.89%. An initial drop in the yield, or cost of government borrowing, in Italy and Spain - the countries seen most at risk from the knock-on effects of a Greece exit - also tapered off.
Italy and Spain are seen as being at less of a risk of following Greece in defaulting on their debts.
Eurozone leaders have said that so far, a blueprint for a Greek debt deal has been agreed, with European countries' parliamentary approval processes beginning from Wednesday.Eurozone leaders have said that so far, a blueprint for a Greek debt deal has been agreed, with European countries' parliamentary approval processes beginning from Wednesday.
"For the markets, it's clearly positive that there is an agreement among the European member states and that there is an atmosphere of co-operation," said Philippe Gijsels, head of research at BNP Paribas Fortis Global Markets in Brussels."For the markets, it's clearly positive that there is an agreement among the European member states and that there is an atmosphere of co-operation," said Philippe Gijsels, head of research at BNP Paribas Fortis Global Markets in Brussels.
"Still, there is a bit of execution risk which may haunt us in terms of volatility.""Still, there is a bit of execution risk which may haunt us in terms of volatility."