London--Europe's main stock markets rebounded Wednesday, reversing earlier losses as investors fished for bargain shares amid optimism over Greece.
In midday deals, London's benchmark FTSE 100 of leading companies advanced 0.42 percent to 6,782.1 points compared with Tuesday's close.
Frankfurt's DAX 30 index rose 0.81 percent to 11,089 points and the CAC 40 in Paris won 0.66 percent to 4,882.20.
In foreign exchange activity, the euro edged up to $1.1310 from $1.1280 late on Tuesday in New York.
"There has been somewhat of a turnaround ... as investors flood in to grab the European indices at their recent lows," said Spreadex analyst Connor Campbell.
"A slight slowdown in the euro-dollar (rate) has helped make the eurozone indices more attractive, even if the lack of progress on the Greek issue is still lurking in the background."
The European Commission said Wednesday it was not satisfied with Greece's new bailout reform proposals, saying they "do not reflect" earlier discussions between Brussels and Athens.
Spokesman Margaritis Schinas said the "ball is clearly in the court of the Greek government" as Brussels rejected the plan submitted by Athens just a day earlier in a bid to end a five-month stand-off and unlock vital funds.
Greek Prime Minister Alexis Tsipras had already angrily rejected the EU's own proposals, made at a dinner with European Commission chief Jean-Claude Juncker last week.
Cash-strapped Greece on Tuesday submitted new proposals to unlock talks with the EU and IMF, which have demanded tough reforms in exchange for giving Athens the final 7.2 billion euros ($8.1 billion) of its international bailout.
Financial markets remain worried about the nation's potential exit from the eurozone.
AFP
