European stock markets mid-session: Hopes on Greek debt plan lift indices

European indices are trading higher today on hopes that there will be an agreement on the Greek debt standoff. The new Greek government retreated from a plan for a write-off of its debt and proposed a new debt arrangement to reach a compromise with its international creditors on the terms of its bailout. Finance Minister Varoufakis reassured in London that Greece is not seeking a standoff with the European Union. Upbeat quarterly earnings reports further lend support.

U.K. construction PMI expanded unexpectedly. Activity in the construction sector rose more-than-expected in January data showed on Tuesday. After the lowest reading in 17 months in December the index climbed from 57.6 points to 59.1 points, beating forecasts predicting a decline to 56.9. A reading of above 50 indicates expansion of the sector.

The commodity heavy FTSE 100 index is currently trading +1.31% quoted at 6,871.28 points. Energy shares rallied on climbing oil prices, led by BP who beat profit forecast. Germany's DAX 30 added +1.21% trading at 10,958.80 extending its all-time high. France's CAC 40 is currently trading at 4,687.51 points, +1.29%.