LONDON ( The Deal) -- European stocks rose Tuesday as the new Greek government looked to be backing down from a confrontation with euro-area leaders over a debt write-down.
In London, the FTSE 100 was up 1.14% at 6,859.60, while in Frankfurt the DAX was 1.02% higher at 10,938.40. In Paris, the CAC 40 added 1.17% to 4,681.96.
Oil giant BP (BP - Get Report) was up 2.5% after posting a lower-than-expected decline in underlying fourth-quarter profit, to $2.2 billion from $2.8 billion a year earlier, and maintaining its dividend of 10 cents a share, due in March.
Hurt by falling oil prices, the energy giant plans to trim $6 billion from planned 2015 capital expenditures to around $20 billion, and said it expects to make a further $5.3 billion in divestments this year for a total of $10 billion since 2013.
"We have now entered a new and challenging phase of low oil prices through the near and medium term," said BP CEO Bob Dudley in a statement. "Our focus now must be on resetting BP."
The picture was less bright for oil and gas company BG Group (BRGYY) , down 0.61% after writing down the value of its business by $5.9 billion in the fourth quarter as quarterly profit fell 36% from a year ago.
But BG insists it's well-placed to manage the downturn, will continue to add production this year from Brazil and Australia, and will proactively manage capital and operating costs to adapt to the new business circumstances. The company has been without a CEO for nearly a year, but as of early March will be led by former Statoil CEO Helge Lund.
International Consolidated Airlines Group (ICAGY) , the British Airways parent in talks to buy Ireland's Aer Lingus (AELGF) , inched up 0.28% in London after agreeing to keep Aer Lingus's 23 London Heathrow slots if the takeover succeeds.
IAG also promised to keep Aer Lingus' name and headquarters in Ireland, and offered to operate slots on Irish routes for five years.
In Madrid, Banco Santander (SAN) rose 3.45% after Spain's largest lender posted a 68% jump in fourth-quarter profit.
Asian stocks had a mixed day, with Japan's Nikkei shaving off 1.27% to 17,335.85, and the Hang Seng up 0.29% in Hong Kong at 24,554.78.