European Markets at Close Report by CNBC on June 10, 2015: European stocks close higher on Greece hopes

European stocks close higher on Greece hopes

European equities closed higher on Wednesday, on hopes of further assistance for Greece.
The pan-European FTSEurofirst 300 accelerated gains, closing around 1.7 percent higher, as Greece continued to dominate the headlines.
Reuters reported that the European Central Bank had raised the cap on emergency liquidity that Greek banks could draw from Greece's central bank.
Media reports also suggested that Germany could be willing to offer Greece a staggered deal on aid.
The U.K's benchmark FTSE 100 index closed around 1.1 percent higher, whilst the French CAC closed up at 1.7 percent. Germany's DAX index was one of the better performers, closing 2.4 percent higher.

German Bund hits 1% during trade

FTSE FTSE 100 Index 6830.27
76.47 1.13% 843901996
DAX DAX Index 11265.39
264.10 2.40% 102696850
CAC 40 CAC 40 Index 4934.91
84.69 1.75% 128897919
IBEX 35 IBEX 35 Idx 11097.50
159.40 1.46% 241562590
In fixed income markets, German Bund yields hit 1 percent for the first time since September 2014, as investors digested a generally stronger tone in European economic data.

A perception that inflation is likely to pick up in the months ahead has prompted market participants to reassess their outlook for ultra-low government bond yields in Europe.
The benchmark 10-year Bund yield, which moves in the opposite direction to the price, pushed above the 1 percent mark in early European trade. However, it declined later in the session to around 0.98 percent.

Sainsbury's, Standard Chartered surge

U.K. supermarket Sainsbury's posted its sixth consecutive quarter of declining underlying sales as competitors continued to cut prices and deflation hurt the retailer. However results were in line with analyst expectations and shares rallied near the top of the FTSE 100, closing up 4.5 percent.

Shares in rivals Tesco and WM Morrison also rallied, with both closing higher at 4.6 and 4.96 percent, respectively.
Meanwhile shares in Standard Chartered closed up around 5.8 percent, after it dodged a downgrade and investors awaited a speech from U.K. Chancellor of the Exchequer, George Osborne, which might result in levy changes in the British banking industry.

Read MoreIs the UK planning a surplus 'straitjacket'?

U.S. stocks were trading 1 percent higher Wednesday, as investors eyed the morning's rally in bond yields.


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