Stocks inch up on Greek news

European stocks climbed marginally in early Friday trade after 85.8 percent of Greece's private creditors accepted a crucial bond swap offer which at least for the time being will avoid a disorderly default.

The positive news from Athens had a particular impact on shares in European banks, which are the biggest holders of Greek debt. Among the lenders gaining ground early on Friday had been Commerzbank with its shares initially up 1.9 percent, and Credit Agricole, which saw its shares rising by 1.6 percent in early trading.

The slight rise in European stocks meant an increase in stock values for the third consecutive day.

Bond swap not the only factor

Gains in Europe have been limited, though, as the bond swap action will not be the only factor to influence trade on Friday. Market players are also looking to the U.S. where crucial monthly jobs data will be released later in the day.

European market players are waiting for further insight into the current state of the world's biggest economy.

Tokyo stocks jumped to a seven-month high on Friday as Asian share in general rose on the signs that Greece was a step nearer to securing another round of bailout funds.

"There seems to be a general presumption now that Greece's debt restructuring is a done deal," said Ric Spooner, an analyst with CMC Markets.

Japan's Nikkei average jumped more than two percent at one point, topping the 10,000-point mark for the first time in seven months, before ending up 1.7 percent.

hg/gb (Reuters, dpa)