European indices are trading higher today on hopes that there will be an agreement on the Greek debt standoff. The new Greek government retreated from a plan for a write-off of its debt and proposed a new debt arrangement to reach a compromise with its international creditors on the terms of its bailout. Finance Minister Varoufakis reassured in London that Greece is not seeking a standoff with the European Union. Upbeat quarterly earnings reports further lend support.

U.K. construction PMI expanded unexpectedly. Activity in the construction sector rose more-than-expected in January data showed on Tuesday. After the lowest reading in 17 months in December the index climbed from 57.6 points to 59.1 points, beating forecasts predicting a decline to 56.9. A reading of above 50 indicates expansion of the sector.

The commodity heavy FTSE 100 index is currently trading +1.31% quoted at 6,871.28 points. Energy shares rallied on climbing oil prices, led by BP who beat profit forecast. Germany's DAX 30 added +1.21% trading at 10,958.80 extending its all-time high. France's CAC 40 is currently trading at 4,687.51 points, +1.29%.