15:50 (16:50 dansk tid)
News that Greece is rebooting its negotiating team sparked a new wave optimism across stock markets this afternoon.
Jasper Lawler of CMC Markets explains:
European markets appear to be dusting themselves off from the sharp declines seen in the middle of the month with large gains to start the week. Stalled Greek bailout negotiations have left stocks below record highs but there was a bit more optimism on Monday with Athens seemingly having sidelined its trouble-making finance minister, Yanis Varoufakis.
If the Syriza-led government of Alexis Tsipras want to progress in negotiations and avoid default, it’s probably the right move to put its finance minister on the proverbial chopping block. After three months of attempting to reach a better deal for Greece and roll back austerity, Mr Varoufakis has only succeeded in frustrating creditors.
German markets led the way as the German Dax jumped over 1.5% with Volkswagen one of the best performers after it Chairman Ferdinand Piech stepped down.
