LONDON (Reuters) – European stocks rallied to a week’s high on Friday as Britain and the European Union announced a breakthrough in Brexit negotiations and new global banking regulations appeared kinder to European banks than had been expected.
The European Commission said enough progress had been made after it worked through the night with the UK to end an impasse over the status of the Irish border, which had scuppered an earlier attempt to clinch a deal on Monday.
Financials lifted the pan-European Stoxx 600 0.8 percent by 0923 GMT, with the banking index .SX7P up 2.6 percent at a five-week high.
Among the top gainers were ABN Amro (ABNd.AS), up 5.7 percent- Lloyds (LLOY.L), up 4.5 percent and Danske Bank (DANSKE.CO), up 4.4 percent.
“The shares are a pure gamble now,” said one Frankfurt-based trader. “Nobody knows what’s going on at Steinhoff at the moment.”
UK builder Berkeley Group (BKGH.L) was the top European gainer, up 8.5 percent after it raised its profit guidance for the next five years.
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