European Markets Climbed After Greek Agreement Reached

(RTTNews) - The European markets ended the first session of the new trading week solidly in positive territory. Eurozone leaders unanimously reached an agreement early Monday to start talks for a third bailout programme for Greece, after hours of negotiations.

Euro zone ministers have given Greece until Wednesday to pass new laws, including tax and pension reforms, to help avoid losing access to the common currency bloc.

In a message on his official twitter account, European Council President Donald Tusk said, "EuroSummit has unanimously reached agreement. All ready to go for ESM [European Stability Mechanism] programme for Greece with serious reforms & financial support."

Speaking at the press conference following the meeting, European Commission President Jean-Claude Juncker said, "There is no Grexit...I am satisfied both with form and substance of the agreement". He also said that the emergency talks that led to the deal were "laborious".

"We had only one objective: to reach an agreement. After 17 hours of negotiations, we have finally reached it. One can say that we have 'agreekment'," Tusk said at the press conference.

While stating that Greece needed to undertake some essential reforms, German Chancellor Angela Merkel said the advantages of the latest deal outweighed its negatives. She also noted that Greece had repeatedly pointed out that it wants to remain in the eurozone.

Merkel also expressed belief that Greece can regain trust and saw no need to call for a vote of confidence in the German parliament over the new deal. However, she ruled out any 'debt haircut' for Greece. Meanwhile, the EU said a debt payment extension may be considered.

The Euro Stoxx 50 index of eurozone bluechip stocks increased by 1.75 percent, while the Stoxx Europe 50 index, which includes some major U.K. companies, added 1.96 percent.

The DAX of Germany climbed by 1.49 percent and the CAC 40 of France rose by 1.94 percent. The FTSE of the U.K. gained 0.97 percent and the SMI of Switzerland finished higher by 1.27 percent.

In Frankfurt, Deutsche Bank increased by 3.35 percent and Commerzbank added 2.68 percent.

Deutsche Boerse surged by 4.33 percent and Lanxess gained 2.74 percent.

In Paris, Sanofi gained 2.76 percent after Deutsche Bank raised it to "Buy" from "Hold."

Credit Agricole climbed by 3.01 percent and Societe Generale added 2.60 percent. BNP Paribas also gained 2.35 percent.

Vivendi finished higher by 3.79 percent and Airbus Group rose by 3.11 percent.

In London, Alent surged by 44.21 percent. Specialty chemicals company Platform Specialty Products Corp. proposed to acquire the chemicals producer in a cash and stock deal for about $2.1 billion.

International Consolidated Air Group increased by 3.39 percent and Carnival gained 2.48 percent.

Wm. Morrison Supermarkets rose by 3.01 percent and Kingfisher added 3.01 percent.

Chinese exports increased at a faster-than-expected pace in June, while imports fell less-than-expected, official data showed Monday.

Exports rose 2.8 percent year-over-year in June, exceeding economists' expectations for 1.0 percent growth.

Meanwhile, imports slid 6.1 percent in June from the previous year, much slower than the 15.5 percent sharp decline expected by economists.

The trade surplus of the country came in at $46.54 billion in June, smaller than the $56.7 billion surplus expected by economists. In May, the surplus was at $59.49 billion.