The European markets are in positive territory in afternoon trading Monday, as sentiment was influenced by news out of Greece and the jobs data released in the U.S. in the previous session.
Greece's international creditors said the embattled euro area member is committed to the planned budget cuts and that their discussions with the Greek authorities will continue in September.
"The Greek authorities are committed to proceeding with determination in their work over the next month," the troika, consisting of the European Union, the European Central Bank and the International Monetary Fund, said in a joint statement on Sunday after concluding a review visit.
Meanwhile, Italian Prime Minister Mario Monti has warned Europe that the region is facing the threat of a psychological disintegration and urged all leaders to become more independent from their parliaments. In an interview with German magazine Der Spiegel, which was published on Sunday, he said the debt crisis risks the future of the single-currency bloc.
The Euro Stoxx 50 index of eurozone bluechip stocks is adding 0.49 percent, while the Stoxx Europe 50 index, which includes some major U.K. companies, is falling 0.13 percent.
The German DAX is adding 0.61 percent and the French CAC 40 is gaining 0.58 percent. The UK's FTSE 100 is advancing 0.21 percent and Switzerland's SMI is gaining 0.06 percent.
In Frankfurt, Daimler is climbing 2.6 percent. Volkswagen and BMW are gaining around 2.1 percent each.
Allianz is advancing 2.3 percent. JPMorgan raised the stock to "Overweight" from "Neutral."
Deutsche Bank is rising 0.9 percent while Commerzbank is falling modestly.
Citigroup raised Beiersdorf to "Neutral" from "Sell." The stock is losing 0.1 percent.
In Paris, Insurer Axa is surging 4.1 percent. Lender BNP Paribas is advancing 4 percent. Credit Agricole and Societe Generale are gaining 2.8 percent and 1.8 percent, respectively.
Peugeot is gaining 3.9 percent and Renault is rising 2.5 percent.
On the falling side is Sanofi, which is retreating 1.9 percent.
In London, Burberry Group is gaining 1.5 percent after Swiss luxury goods group Compagnie Financiere Richemont reported that its sales for the four months ended July climbed 24 percent. Richemont shares are up 6.4 percent in Zurich. The news also boosted Swatch shares, which are up 3.4 percent.
Marks & Spencer is gaining 2.6 percent. The Sunday Telegraph reported that bankers view the retailer as a potential bid target.
Evraz is gaining 3 percent and GKN is advancing 2.6 percent.
International Consolidated Airlines is losing 0.9 percent. Credit Suisse cut its rating on the stock.
In economic news, Eurozone investor confidence declined for the fifth consecutive month in August to the lowest level in more than three years, data released by think tank Sentix showed.
House prices in the United Kingdom decreased in July, after recording growth in the previous two months, and there is likely to be little change in prices during the rest of the year, a survey by Lloyds Banking Group's Halifax division showed.
Across Asia/Pacific, major markets closed notably higher. Australia's All Ordinaries added 1.2 percent and China's Shanghai Composite Index climbed 1 percent. Hong Kong's Hang Seng and Japan's Nikkei 225 advanced 1.7 percent and 2 percent, respectively.
In the U.S., futures point to a higher open on Wall Street. In the previous session, markets ended notably higher benefiting from a positive reaction to the Labor Department's monthly jobs report. The Dow surged 1.7 percent, the Nasdaq jumped 2 percent and the S&P 500 climbed 1.9 percent.
In the commodity space, crude for September delivery is falling $0.36 to $91.04 per barrel while December gold is adding $2.1 to $1611.4 a troy ounce.
by RTT Staff Writer
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