Global stock markets rise on oil, Greece

Global stock markets rose on Tuesday, buoyed by a mix of firming oil prices, reassuring Chinese data and likely fresh bailout funds looming for Greece after eurozone talks.

Eurozone finance ministers on Monday gave themselves until May 24 to reach a deal on debt relief and unlocking bailout cash for Greece as they lauded Athens for passing tough reforms.

The 19 Eurogroup ministers meeting in Brussels failed to sign off on the long-delayed first review of last July's 86-billion-euro ($95 billion) EU-IMF bailout -- but said this could be done in the "coming days".

London's benchmark FTSE 100 index closed 0.7 percent higher, boosted also by mining stocks.

In the eurozone, Frankfurt's DAX 30 index closed above the psychologically significant 10,000 point level, at 0.65 percent higher.

Investors seemed unflustered by mixed data showing that booming exports pushed Germany's trade surplus up to an all-time high in March but that industrial output contracted.

The Paris CAC 40 also followed suit, rising 0.4 percent.

"Whilst the market enthusiasm for the day's Greek good news began to wane this afternoon a strong US open helped secure a decent chunk of the morning's European gains," said Spreadex analyst Connor Campbell.

Travel stocks enjoyed solid gains as British no-frills airline EasyJet hiked its dividend despite falling into a loss, while Dubai's carrier Emirates posted a 56-percent jump in annual profits.

In London, shares in EasyJet closed 2.7 percent higher, helping to boost its rivals' stock value. Deutsche Lufthansa jumped 1.4 percent.

"EasyJet is making a bullish bet on its future by raising the dividend, judging that passenger numbers will continue to rise even while it acknowledges the knock the sector is taking from recent terror attacks" in Brussels and Paris, noted Joe Rundle, head of trading at ETX Capital.

On Wall Street, investor sentiment seemed lifted by a rise in oil prices, with US stocks ticking around one percent higher at around 1550 GMT.

Oil prices bounced back after plunging Monday as the biggest threat to Canada's crude reserves seemed to be over with rain and cooler temperatures slowing fires that have raged for more than a week.

OPEC president Mohammed bin Saleh al-Sada said on Tuesday that the current oil market recovery would continue into the second quarter of the year as global demand increases.

Asia earlier set the tone, with Tokyo leading markets higher as exporters were lifted by a weakening yen, while tighter Chinese inflation data also provided some cheer, dealers said.

Producer prices in China dropped at their slowest rate in 16 months in April, while consumer prices climbed 2.3 percent, in a positive sign for the world's second-largest economy.

- Key figures around 1550 GMT -

London - FTSE 100: UP 0.7 percent at 6,156.65 points (close)

Frankfurt - DAX 30: UP 0.65 percent at 10,045.44 points (close)

Paris - CAC 40: UP 0.4 percent at 4,338.21 points (close)

EURO STOXX 50: UP 0.6 percent at 2,973.84 points

New York - Dow: UP 1.0 percent at 17,880.33 points

Tokyo: Nikkei 225: UP 2.2 percent at 16,565.19 (close)

Shanghai: UP 1.07 points at 2,832.59 (close)

Hong Kong: UP 0.4 percent at 20,242.68 (close)

Euro/dollar: UP at $1.1385 from $1.1381 Monday

Dollar/yen: UP at 109.16 yen from 108.34 yen