Stock closed higher on news that Greece will get €10.3 billion in loans from the third bailout programme. Eurozone finance ministers agreed to unlock next tranche after talks in Brussels. Ministers also agreed to potentially offer Greece debt relief.
Oil prices also supported stock markets. Oil prices rose on the U.S. crude oil inventories data. The U.S. Energy Information Administration (EIA) released its crude oil inventories data on Wednesday. U.S. crude inventories fell by 4.2 million barrels to 537.1 million in the week to May 20. Analysts had expected U.S. crude oil inventories to decline by 2.5 million barrels.
Market participants also eyed the economic data from Germany. German Ifo Institute released its business confidence figures for Germany on Wednesday. German business confidence index rose to 107.7 in May from 106.7 in April, exceeding expectations for an increase to 106.8. April’s reading was revised up from 106.6.
“Business confidence in German industry and trade has improved in all four main sectors. In construction a new record high has even been reached,” Ifo President Clemens Fuest said.
“The German economy is growing at a robust pace,” he added.
Market research group GfK released its consumer confidence index for Germany on Wednesday. German Gfk consumer confidence index climbed to 9.8 in June from 9.7 in May. Analysts had expected the index to remain unchanged at 9.7.
“Private consumption will remain an important pillar of the German economy over the next few months. GfK therefore still stands by the forecast it made at the start of the year that real private consumer spending will climb by around 2 percent in 2016. This figure stood at 1.9 percent in 2015,” Gfk noted.
Indexes on the close:
Name Price Change Change %
FTSE 100 6,262.85 +43.59 +0.70 %
DAX 10,205.21 +147.90 +1.47 %
CAC 40 4,481.64 +50.12 +1.13 %
The post European stocks close: stocks closed higher on a deal between Greece and its creditors, and on rising oil prices appeared first on forex-analytics.press.