European stocks are maintaining a six-month high, rising for a fourth day as China takes action to boost growth and EU officials work on another Greek bailout.
TNT Express increased by an impressive 60% after turning down a significant offer from United Parcel Service, while TNT shareholder PostNL climbed 50% as well. Meanwhile, the Stoxx Europe 600 Index rose 0.8%, to 268.16.
“It is in most countries’ interest to preserve the European Union and the euro,” explained Peter Garnry of Saxo Bank AS. “We think there will be a deal, the Chinese will come into the game and play a more stabilizing role for Europe because it is one of their largest export markets.”
A meeting held in Brussels this week aims to settle new loans for Greece. Some have suggested contributions from a number of banks, as well. Private investors are another option for alleviating some of the pressure on the region.
“We still have a bit of work to do,” conceded Wolfgang Schaeuble, German Finance Minister. “We’ve set out to wrap up the decision on a new aid program for Greece. I’m confident.”