All eyes are on the eurozone debt summit in Brussels
Global stock markets have risen on reports that eurozone leaders have reached a provisional agreement on measures to tackle the eurozone debt crisis.
The draft includes the possibility of a Greek bond swap and a debt restructuring, reports suggest. A bank tax has not been included, they say.
The Milan stock exchange rose by 4% while the Spanish market gained 3%. US shares also opened sharply higher.
European banking shares led the way.
In Germany, Commerzbank climbed almost 9% and Deutsche Bank rose 3.6%, while in France Societe Generale and Credit Agricole gained about 6%.
And in the UK, Barclays rose almost 10%, while Lloyds Banking Group and Royal Bank of Scotland were up more than 7%.