European stocks extend gains awaiting outcome on Greece

LONDON, Feb 13 (AFP): European stock markets rose Friday, with Germany's main index breaching 11,000 points for the first time, as Greece appeared closer to a possible overhaul of its bailout.

The DAX index hit an intraday high of 11,013.85 points in mid-morning trade on the Frankfurt stock exchange-driven also by positive economic data. It later stood up 0.62 per cent at 10,987.22 points.

London's benchmark FTSE 100 index won 0.74 per cent to 6,878.87 points and the CAC 40 in Paris gained 0.77 per cent to stand at 4,762.73 points compared with Thursday's close.

European stocks had already rallied on Thursday as markets welcomed a ceasefire and aid for Ukraine, while holding onto hopes for a deal over Greece's bailout.

In Friday deals, the Greek stock exchange was up 6.42 per cent on optimism for a deal on the country's rapidly expiring bailout after Athens agreed to start technical talks with eurozone partners.

"An increase in optimism where Greece and Eastern Ukraine is concerned enables traders to shift focus onto positive fundamentals like QE (stimulus) being implemented by the ECB and a weak euro resulting in improving economic growth prospects for the eurozone," said Markus Huber, senior analyst at brokers Peregrine & Black.

Greece's new anti-austerity government may have struggled to secure an agreement to renegotiate the terms of the loathed bailout in marathon talks in Brussels, but hope remained that a solution can be found by a last-ditch Eurogroup meeting on Monday.