Stock indices closed higher on Greek plans to renegotiate its debt. The new Greece government outlined its plans to renegotiate the terms of its bailout, retreating from demands for a debt haircut. Greek Finance Minister Yanis Varoufakis has proposed debt swaps.

Eurozone's producer price index dropped 1.0% in December, missing expectations for a 0.7% decrease, after a 0.4% decline in November.

Markit's and the Chartered Institute of Purchasing & Supply's construction purchasing managers' index (PMI) for the U.K. rose to 59.1 in January from 57.6 in December, beating expectations for a decline to 56.9.

Indexes on the close:

Name Price Change Change %

FTSE 100 6,871.8 +89.25 +1.32 %

DAX 10,890.95 +62.94 +0.58 %

CAC 40 4,677.9 +50.23 +1.09 %

U.S. stock-index futures rose as oil prices rallied for a fourth day and Staples Inc. and Office Depot Inc. surged on merger speculation.

Global markets:

Nikkei 17,335.85 -222.19 -1.27%

Hang Seng 24,554.78 +70.04 +0.29%

Shanghai Composite 3,205.55 +77.25 +2.47%

FTSE 6,854.1 +71.55 +1.05%

CAC 4,669.24 +41.57 +0.90%

DAX 10,901.05 +73.04 +0.67%

Crude oil $50.84 (+2.62%)

Gold $1267.70 (-0.71%)

(company / ticker / price / change, % / volume)

Upgrades:

Downgrades:

Freeport-McMoRan (FCX) downgraded from Buy to Neutral at BofA/Merrill

Other:

United Tech (UTX) target raised from $132 to $137 at Argus

Cisco Systems (CSCO) tarted raised from $27 to $29 at Oppenheimer

United Parcel Service, Inc. (UPS) earned $1.25 per share in the fourth quarter, missing analysts' estimate of $1.28. Revenue in the fourth quarter increased 6.1% year-over-year to $15.89 billion, beating analysts' estimate of $15.77 billion.

The company released its forecasts for 2015. EPS is expected to be $5.05-$5.30 (analysts' estimate: $5.29).

United Parcel Service, Inc. (UPS) shares decreased to $99.50 (-0.63%) prior to the opening bell.

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%.

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.

U.S. markets closed higher on Monday reversing early session losses on hopes for a Greek debt deal and an end to the stand-off with international creditors. Rising oil prices helped the energy sector. Earlier the mostly weaker-than-expected U.S. economic data led shares lower. The Institute for Supply Management's manufacturing purchasing managers' index for the U.S. declined to 53.5 in January from 55.5 in December, missing expectations for a decline to 54.9.

Personal spending decreased 0.3% in December, missing expectations for a 0.1% decline, after a 0.5% rise in November. November's figure was revised down from a 0.6% increase. That was the largest decline since September 2009.Personal income climbed 0.3% in December, exceeding expectations for 0.2% increase, after a 0.3% rise in November. November's figure was revised down from a 0.4% gain. The personal consumption expenditures (PCE) price index excluding food and energy was flat in December, in line with expectations, after a flat reading in November.

The DOW JONES index added +1.14%, closing at 17,361.04 points. The S&P 500 rose by +1.30% in late trading with a final quote of 2,020.85 points. The S&P declined by 3.1% in January, the biggest loss since January 2014.

Chinese stock markets closed higher on Tuesday. Hong Kong's Hang Seng is trading +0.19% at 24,531.60 points. China's Shanghai Composite closed at 3,205.55 points +2.47% almost erasing yesterday's losses. Market participants anticipate further monetary easing from the PBoC after data on manufacturing showed a contraction in January.

Japan's Nikkei posted losses on Tuesday, closing -1.27% with a final quote of 17,335.85 as the results of the Japanese bond auction were disappointing and weaker economic data from the U.S. and China raised concerns on global growth. Uncertainty over the fate of Greece in the Eurozone further added to risk aversion. A stronger Japanese Yen weighed on exporter shares. A rally in oil prices had a negative effect on airlines and the energy sector.

(index / closing price / change items /% change)

Nikkei 225 17,558.04 -116.35 -0.66%

Hang Seng 24,484.74 -22.31 -0.09%

Shanghai Composite 3,128.3 -82.06 -2.56%

FTSE 100 6,782.55 +33.15 +0.49%

CAC 40 4,627.67 +23.42 +0.51%

Xetra DAX 10,828.01 +133.69 +1.25%

S&P 500 2,020.85 +25.86 +1.30%

NASDAQ Composite 4,676.69 +41.45 +0.89%

Dow Jones 17,361.04 +196.09 +1.14%