European markets are on fire

European markets are on fire Thursday, on the news of a peace deal to end fighting in Ukraine.

Here’s how the major indices were performing today at 12 p.m GMT (6 a.m. ET):

The ceasefire agreement, hashed out late Wednesday by leaders of Russia, Germany, France, and Ukraine, follows an announcement from the International Monetary Fund that the region’s economy will receive a $US40 billion (£26.2 billion) international bailout.

The Moscow stock market exploded when the first rumours of a Ukraine deal came out at about 9 a.m. GMT:

The Ukraine peace deal is a positive step, thought the conflict is far from resolved. A previous ceasefire in the Donbass region was derailed just weeks later by a resurgence of rebel activity.

Meanwhile, Europe seems to be shrugging off concerns over Greece’s debt crisis, after Athens torpedoed a deal put forward by Europe’s finance ministers in a late-night meeting Wednesday. There are contrasting theories behind the failed negotiations and a new deadline for an agreement has been pushed to February 16.

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