Market overview: FTSE 100 finishes up 1.7% at 6,825.67

1630: Close The FTSE 100 ended the session up 115.22 points (+1.72%) at 6,825.67 on Greek hopes. While there was no new cash-for-reforms agreement at meetings in Brussels, officials said a last-minute proposal by Athens was a good basis for further discussions. The Eurogroup issued a statement on Monday afternoon, welcoming reform plans made by Greek authorities overnight, labelling them a “positive step in the process”.

1500: Stocks are adding to gains after a strong start on Wall Street with the Dow putting in triple-digit gains and the Nasdaq reaching a new record high after US existing-home sales reached a five-and-a-half-year high.

1225: While markets are reflecting increased optimism surrounding a potential Greek deal today - Athens shares are up around 7% while the Greek two-year bond yield had dropped over 3.1 percentage points - others are more pessimistic, such as Finnish finance minister Alexander Stubb who said he had “very low expectations” that leaders will sign off on an agreement on Monday. Irish finance minster Michael Noonan also said ahead of the summit: "My expectation is that we will be meeting again on Thursday".

1107: Spire Healthcare is up nearly 9% after the purchase of a 29.9% stake by a Mediclinic shareholder for 360p per share. While a complete takeover has been ruled out by the latter, Investec reckons that it is still possible “at some point in the future”. The broker explained: “Both Remgro [shareholder] and Mediclinic are locked-out from a complete takeover of Spire for the next six months, unless a third party announces an offer, Spire announces a reverse takeover or there is a material change in circumstances."

1045: Today is set to be a quiet day in terms of days, with the Chicago activity index (13:30) and US existing home sales (15:30) the only major releases.

0920: EU economic commissioner Pierre Moscovici has said in an interview with Europe 1 radio that it was a “decisive, vital” day for Greece, though he was “convinced” that a deal would be made. “We are moving in the right direction, we have solid ground for a deal, we just have to consolidate that today,” he said. The increased optimism can be across government bond markets, with the yield on two-year Greek notes dropping to 24.9% from 28.5% on Friday. The 10-year Greek bond yield was down one whole percentage point at 11.6%.

0900: Sky is in demand on rumours that the Murdoch family may be considering a fresh attempt to take full control of the UK broadband and pay-TV operator, after it knocked back approaches for its stake in the company from Vodafone and French media giant Vivendi. Cruise operator Carnival has advanced after Deutsche Bank lifted the stock to ‘buy’, while HSBC is gaining on an upgrade to ‘buy’ at Investec.

0830: UK stocks have surged in early trading on the back of rising hopes that Greece is set to secure a short-term deal with creditors. The FTSE 100 is up around 1.4% as it continues to recover after hitting a five-month low last week. According to reports overnight ahead of the emergency EU summit later this afternoon, Greece’s lenders are working on a deal to extend the country’s bailout by six months and supply up to €18bn in rescue funds.