European stocks climbed in early trading 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.

The commodity heavy FTSE 100 index is currently trading +0.88% quoted at 6,842.26 points fuelled by sharp gains in the mining and energy sector. Germany's DAX 30 skyrocketed by +0.90% trading at 10,925.00 extending its all-time high. France's CAC 40 added +0.94%, currently trading at 4,671.40 points.