European stock markets mid session: stocks traded higher on hopes for a deal between Athens and its lenders

Stock indices traded higher on hopes for a deal between Athens and its lenders. Speaking in in the European Parliament, Greek Prime Minister Alexis Tsipras promised on Wednesday that Athens will provide credible reform proposals on Thursday.

An emergency summit of all 28 European Union members is scheduled to take place on Sunday.

Greece has submit a formal application for a three-year loan facility from the European Stability Mechanism (ESM) on Wednesday.

"The Loan will be used to meet Greece's debt obligations and to ensure stability of the financial system," Greek Finance Minister Euclid Tsakalotos said in the letter.

He did not mention the exact amount of the financial aid.

Meanwhile, the economic data from the Eurozone was better than expected. Germany's seasonally adjusted trade surplus increased to €22.8 billion in May from €21.5 billion in April, beating expectations for a decline to €21 billion. April's figure was revised down from a surplus of €22.3 billion.

Exports climbed at a seasonally and calendar-adjusted 1.7% in May, while imports rose 0.4%.

On an annual basis, exports were up 4.6% in May, while imports increased 3.0%.

Germany's current account surplus was at €11.6 billion in May.

Current figures:

Name Price Change Change %

FTSE 100 6,551.21 +60.51 +0.93 %

DAX 10,926.56 +179.26 +1.67 %

CAC 40 4,724.4 +85.38 +1.84 %