The UK market was firmly in positive territory on Thursday, as optimism reigned about a deal between Greece and its international creditors, after the Mediterranean nation promised to implement pension and tax reforms to win fresh aid from skeptical creditors.
Greek Prime Minister Alexi Tsipras told European parliament he would submit a detailed reform plan to the Eurozone on Thursday aimed at resolving the country's debt crisis.
On the economic front, Germany's exports logged an unexpected growth in May, data from Destatis revealed. Exports rose 1.7 percent in May from the prior month, confounding expectations for a 0.8 percent fall. It was the fastest growth rate seen so far this year.
The Bank of England is scheduled to announce its interest rate decision at 7:00 am ET. Economists expect the central bank to retain interest rates unchanged at 0.50 percent and the asset purchase target at 375 billion pounds.
Meanwhile, Consumer prices in China were up 1.4 percent on year in June, the National Bureau of Statistics said. That exceeded forecasts for 1.3 percent and was up from 1.2 percent in May.
The Euro Stoxx 50 index of eurozone bluechip stocks added 1 percent, while the Stoxx Europe 50 index, which includes some major U.K. companies, rose 0.9 percent.
The FTSE 100 index added about 1 percent.
Home builder Barratt Developments said it traded well throughout the financial year, and expects increased pre-tax profit, supported by higher selling prices and increased completions. The stock added 3.6 percent. Taylor Wimpey rose 3.5 percent.
Associated British Foods jumped 3.6 percent. The Primark owner reported increased revenue for the 40 weeks ended June 20, and backed its full-year earnings forecast.
Asset manager Hargreaves Lansdown gained 3.8 percent. Meanwhile, retailers Next and Sainsbury fell 2.3 percent and 1.5 percent, respectively.
Other markets in the region were also trading higher.
The Asian stocks reversed early losses to end on a steady note, as a rebound in battered Chinese markets offered a sense of relief to investors worried about broader implications for the global economy.
In the U.S., futures point to a higher open on Wall Street . In the previous session, the Dow plunged 1.5 percent to close at a five-month low, while the S&P 500 and the tech-heavy Nasdaq plummeted 1.7 percent and 1.8 percent, respectively to close at their worst levels since March and April. The NYSE halted trading for more than three hours due to technical problems.
Crude for August delivery rose $0.79 to $52.44 per barrel, while August gold slipped $0.6 to $1162.9 a troy ounce.
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