By Carla Mozee, MarketWatch
LONDON (MarketWatch) -- European stocks edged higher Tuesday,
after hitting a seven-year high in the previous session, as
European officials approved an extension of Greece's bailout.
After reviewing Greece's list of economic reform proposals,
eurozone finance ministers approved the country's request to extend
its 240-billion-euro ($273 billion) bailout, two European officials
told The Wall Street Journal
(http://www.marketwatch.com/story/eurozone-finance-ministers-approve-greek-bailout-extension-2015-02-24).
The list of proposals was required Greece wanted to stretch its
funding beyond the Feb. 28 expiration date to June.
The European Commission on Tuesday supported the proposals
(http://www.marketwatch.com/story/european-commission-backs-greek-bailout-reform-plans-2015-02-24),
as did the International Monetary Fund, although IMF Managing
Director said in a letter
(http://www.marketwatch.com/story/imf-backs-greeces-reform-proposals-with-reservations-2015-02-24-9915712)
to the leader of the eurozone finance ministers the reform list
generally "is not very specific."
The deal will now go to national European parliaments for a vote
and ,"barring any surprises, should be done by the end of the week.
So this chapter of the crisis could draw to an end," said Sue
Trinh, senior currency strategist at RBC Capital Markets, in an
early Tuesday note.
But she cautioned that "[n]othing is resolved, and things could
flare up again by late April," when international lenders will
review more detailed proposals from Greece. "But for now it feels
as if we are close to a ceasefire."
Stocks: Greece's Athex Composite surged 8.9% to 930.49, moving
toward its highest close since December, and outperforming the
broader European equity market. Trading was closed Monday for a
holiday. Beleaguered bank stocks were among the best performers on
Tuesday, with National Bank of Greece SA surging 18%, Alpha Bank AE
up 14% and Piraeus Bank SA higher by 14%. Read more about Greek
markets.
(http://www.marketwatch.com/story/greek-stocks-bonds-rally-on-bailout-deal-optimism-2015-02-24)
The Stoxx Europe 600 tacked on 0.2% at 385.80, after darting
between small gains and losses throughout the session. The
benchmark on Monday
(http://www.marketwatch.com/story/european-stocks-higher-as-greek-bailout-extended-2015-02-23)
closed at its best level since November 2007, after Greece on
Friday reached the bailout-extension agreement.
Germany's DAX 30 fell 1 point to 11,130.63, edging back from
Monday's close at a record high. The record high was the 15th of
the year, according to FactSet.
France's CAC 40 shed 0.1% to 4,857.66, while the U.K.'s FTSE 100
picked up 0.1% at 6,923.65. In London, shares of BHP Billiton PLC
(BHP) rose 2.9% after drop in the mining heavyweight's first-half
profit
(http://www.marketwatch.com/story/bhp-profit-falls-as-commodity-prices-slide-2015-02-24)
was less than analysts had anticipated.
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