European Stocks Start Monday Higher, Focus On Eurogroup And Fiscal Cliff

European Stocks Start Monday Higher, Focus On Eurogroup And Fiscal Cliff

European stocks started the session within green territories supported by high progress hopes to resolve the U.S. “fiscal cliff”, and anticipation of the Euro zone finance ministers meeting on Greece Tuesday with expectations for a deal to be reached.

President Obama sparked a wave of optimism after he said yesterday that he has high hopes in finding a solution for the “fiscal cliff” before the end of next year. Obama also confirmed that reducing debt demands the collaboration of both the Democratic and Republican parties.

The session today is expected to remain calm ahead of the Eurogroup meeting and the EU Summit later in the week, especially with the lack of major data today.

Investors hope the EU and IMF will narrow the differences and finalize the decision regarding Greece’s second bailout tranche around 31 billion Euros. This will prevent the dept-strangled country from the danger of bankruptcy.

Moreover, leaders of the EU27 excluding UK will meet to discuss proposals regarding reducing budget deficit of European governments over the next 7 years, amid UK’s reluctance to the budget proposal according to the Financial Times.