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European shares stabilise, focus on Greek summit

London - European shares steadied on Tuesday, recouping some of the previous session's decline, before a eurozone summit on the Greek debt crisis later in the day.

The eurozone Euro STOXX 50 rose 0.3% after falling 2.2% on Monday, once Greek voters rejected conditions for a new bailout in a referendum on Sunday.

READ: Greeks defy Europe with overwhelming 'No'

France and Germany told Greece on Monday to come up with serious proposals to restart financial aid talks. The European Central Bank (ECB) raised the pressure before Tuesday's summit by keeping a tight grip on funding to Greek banks.

The pan-European FTSEurofirst 300 rose 0.2% to 1 503.88 points by 09:48.

Strategists at BNP Paribas said Sunday's referendum results did not mean Greece had to quit the eurozone, but did increase the chances it will leave to 70%.

"The creditors will require ... a commitment to reform and monitoring of its implementation. However, in light of the referendum, the likelihood of the Greek government acceding to creditors' demands has diminished," the strategists said in a note.

ProSiebenSat1 rose 2.8%, a top FTSEurofirst 300 riser, after sources said talks over a merger with German publishing house Axel Springer had restarted.

Axel Springer rose 5.9%, even though it said that speculation that its majority owner, Friede Springer, might relinquish control was "unfounded".

SAP and Evonik both rose 2.4%, after UBS lifted its target price for both stocks.

Technip sank 7.8% after it announced a restructuring programme, booking a €650m charge and cutting 6 000 jobs.

Rolls-Royce dropped 2.6%, following a 6.3% loss in the previous session. A raft of brokers downgraded the stock after a third profit warning in nine months on Monday.


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