London - European shares climbed on Thursday, led by miners after a rally in metals and Chinese stocks, while some investors were betting Greece's creditors will positively consider reform proposals and finally agree a debt deal.
In a speech to the European Parliament, Greek Prime Minister Alexis Tsipras called for a fair deal after EU leaders gave him five days to come up with convincing reforms.
The Greek government submitted a request to the European Stability Mechanism bailout fund to lend an unspecified amount “to meet Greece's debt obligations and to ensure stability of the financial system” and promised to begin implementing tax and pension measures.
“Investors have a glimmer of hope from the fact that in Alexis Tsipras' speech he still refers to a deal being struck. And with the removal of Yanis Varoufakis as finance minister, there is clearly an intent to improve relations with the Troika creditor group,” Lorne Baring, managing director of B Capital Wealth Management, said.
“However, in the face of the Greek tragedy and China market turbulence, investors still have plenty to worry about.”