* FTSEurofirst 300 index rises 1.1 percent
* Greek shares bounce back
* Merkel sees Greek commitment to resolving debt issues
* Daimler and BMW lift auto stocks
* Europe bourses in 2015: link.reuters.com/pap87v
* Asset performance in 2015: link.reuters.com/gap87v
By Sudip Kar-Gupta
LONDON, June 11 European shares climbed on
Thursday, with the automobile sector rising on positive company
updates while Greek shares bounced higher on renewed
expectations of a resolution to its debt problems.
The STOXX Europe 600 Automobile & Auto Parts index
rose 1.3 percent, outperforming a 1.1 percent advance on the
pan-European FTSEurofirst 300 index.
The car sector was helped by a 1.8 percent gain at Daimler
after Daimler's chief executive Dieter Zetsche said
booming sales of high-margin sports utility vehicles would help
it achieve a better result in the second quarter, while BMW
also rose 1.5 percent after unveiling a new flagship
Greek shares rallied 7.7 percent, rebounding from a
1.1 percent decline in the previous session, while the Athens'
banking index surged 16.2 percent.
They were boosted as German Chancellor Angela Merkel said
Greece had told European partners it was committed to intense
discussions with creditors to solve all open issues and avoid a
looming default at the end of the month.
The Athens stock market has been hit this year by concerns
over the debt problems in Greece, which had to be bailed out by
international creditors. The country will be in default at the
end of June without fresh funds to let it to repay 1.6 billion
euros ($1.8 billion) to the International Monetary Fund.
Athens' main ATG index remains down by around 1 percent
since the start of 2015, underperforming a 14 percent rise on
Gijs Nagel, director at European brokerage DEGIRO, said some
investors remained concerned over the fact that Greece's debt
talks were still dragging on, and by jitters in the bond market
that have pushed equity markets off their 2015 highs.
However, ActivTrades' Ricardo Evangelista said others were
encouraged by the situation with Greece, with many investors
still expecting Greece to stay within the euro zone.
"Some analysts are now inclined to consider the possibility
of an agreement being reached between Greece its creditors
within the next few days," said Evangelista.
Across Europe, Germany's DAX was up 1.5 percent,
while France's CAC advanced 1.4 percent.
The DAX remains up around 17 percent since the start of
2015, although some 8 percent below record highs hit in April.
"I think we're stuck in a sideways pattern over the next few
months, but within the context of a longer term bull market. I
don't think we'll have highs above those of April, but equally
the lows will not be as low as the ones at the start of the
year," said Andreas Clenow, hedge fund trader and principal at
ACIES Asset Management.
($1 = 0.8900 euros)
Today's European research round-up
(Additional reporting by Atul Prakash; Editing by Toby Chopra)