Monday 24 July 2017

European shares edge higher as Greece gets time to submit plan

Traders work at their screens in front of the German share price index DAX board at the stock exchange in Frankfurt, Germany. Photo: Reuters
Traders work at their screens in front of the German share price index DAX board at the stock exchange in Frankfurt, Germany. Photo: Reuters

European shares edged higher in early trading on Wednesday after euro zone members gave Greece until the end of the week to come up with a proposal for sweeping reforms in return for loans.

Under a timetable agreed by the 19 leaders of the common currency area, Greece will submit on Wednesday a formal request for a two-year loan programme, with a first list of reform commitments to be spelled out in greater detail on Thursday.

The pan-European FTSEurofirst 300 was up 0.2 percent at 1,478.73 points by 0710 GMT after falling 1.6 percent in the previous session. The euro zone's blue-chip Euro STOXX 50 index was up 0.4 percent.

However, the STOXX Europe 600 Basic Resources Index fell 1.2 percent after stocks in China, the world's biggest metals consumer, slumped further, clipping about 30 percent off Chinese shares since mid-June and threatening a new blow to the country's already slowing economy.

Reuters

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