European Stocks Hold To Gains After Greek Vote

European Stocks Hold To Gains After Greek Vote

The FINANCIAL -- Markets in Europe rose slightly after two sessions of losses, after getting an early boost from a Greek parliamentary vote, as investors weighed corporate earnings and economic data.

European equities posted stronger gains at the open, encouraged by hope Greece is moving closer to its third bailout package after the parliament passed a second round of reform measures. The legislative approval was a precondition by the Greece's international creditors for starting official negotiations on the aid program. Read: What's next for Greece now second austerity package is approved, according to Nasdaq.

On the country indexes, Spain's IBEX 35 gained 0.3% to 11,513.40 after the country's statistics agency said the unemployment rate dropped in the second quarter to the lowest level since 2011.

Italy's FTSE MIB tacked on 0.2% to 23,737.33 and France's CAC 40 rose 0.1% to 5,087.62.

Germany's DAX clung to a 0.1% gain at 11,532.97.

The Stoxx Europe 600 , however, shed 0.2% to 399.64, weighed by losses in Russian stocks that pulled the MICEX down 0.6% at 1,625.16.

In Moscow, shares of Gazprom fell 0.9% despite an upgrade of the oil producer's rating at J.P. Morgan to overweight from neutral. Gazprom was an "underdog during high oil prices but may do well in a low price environment," said J.P. Morgan.

Oil prices in recent sessions have dropped below $50 a barrel, hurt by concerns about U.S. oil oversupply.

The sell-off in oil and metals prices "has started to impact across equity markets," said Richard Perry, market analyst at Hantec Markets, in a note. "Add in the disappointment of earnings releases from U.S. corporate giants Apple (AAPL) and Microsoft (MSFT) and these moves are beginning to become cause for concern."

Among corporate movers, Credit Suisse Group (CSGN.VX) rose 5% after the Swiss banking heavyweight swung to a second- quarter profit of 1.05 billion Swiss francs ($1.09 billion), more than an expected profit of 703 million francs.

Syngenta AG (SYNN.VX) shares were down 1.3%. The Swiss pesticide and seed maker said it will keep resisting a roughly $45 billion takeover bid from rival Monsanto Co. (MON). Syngenta also said profit for the six months ended June 30 fell to $1.22 billion, a figure that was still higher than an expected profit of $1.14 billion.




Ads on Banks