Global Stocks Boosted by Greece Talks
TOKYO (AP) --- Global stock markets were boosted Monday by signs the latest reform proposal from cash-strapped Athens was receiving a positive response from European leaders.
KEEPING SCORE: Britain's FTSE 100 gained 1.1 percent to 6,787.41 and Germany's DAX surged 3.3 percent to 11,406.06. France's CAC 40 advanced 3.2 percent to 4,967.12. Wall Street looked set for a strong start for the week, with both Dow and S&P 500 futures up 0.9 percent.
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GREEK CRISIS: Leaders of the eurozone were holding an emergency summit Monday seeking agreement between Athens and its international creditors on how to avoid a default and potentially disastrous Greek exit from the euro. Greece faces a June 30 deadline to make a 1.6 billion euro ($1.8 billion) loan repayment to the International Monetary Fund, which it now is unable to make. With even bigger payments to the European Central Bank due in July, negotiators were evaluating a fresh proposal from Greek Prime Minister Alexis Tsipras.
THE QUOTE: "Markets were encouraged by the welcome given to a new proposal from Greek Prime Minister Tsipras. The European Commission said that the new offer is a good basis for progress, which could unlock a protracted impasse in bailout talks," Bernard Aw, a market strategist at IG, said in a commentary.
ASIA'S DAY: Japan's Nikkei 225 gained 1.1 percent to 20,428.19 and Hong Kong's Hang Seng rose 1.2 percent to 27,080.85. South Korea's Kospi added 0.4 percent to 2,055.16. Australia's S&P/ASX 200 recovered from early losses, edging 0.2 percent higher to 5,610.20. Southeast Asian stock markets were mostly higher. China's financial markets were closed for a national holiday after a tumble Friday when the Shanghai Composite dived 6.4 percent, taking it 13 percent lower for the week after more than doubling in the past year.
ENERGY: Benchmark U.S. crude rose 55 cents to $60.16 a barrel in electronic trading on the New York Mercantile Exchange. It fell 84 cents to close at $59.61 a barrel in New York on Friday. Brent crude, a benchmark for international oil used by many U.S. refineries, gained 46 cents to $63.48 a barrel after falling $1.24 to $63.02 a barrel on Friday.
CURRENCIES: The dollar rose to 123.07 yen versus 122.73 yen on Friday. The euro fell to $1.1342 from $1.1356.
(KA)