Overseas Trading: Tsipras Makes a Last-Ditch Effort

Global markets are trading solidly higher, after Greek Prime Minister Alexis Tsipras submitted a new reform proposal over the weekend

Karee Venema

Jun 22, 2015 at 8:24 AM

Asian markets closed higher today, amid hopes that a Greece debt deal will be reached at today's emergency summit of eurozone finance ministers. In Japan, the Nikkei jumped 1.3%, thanks to a lift from banking stocks. Elsewhere, Hong Kong's Hang Seng added 1.2%, while South Korea's Kospi tacked on 0.4%. China's Shanghai Composite was closed for holiday, following Friday's steep sell-off.

European benchmarks are soaring, after Greek Prime Minister Alexis Tsipras submitted new reform proposals over the weekend as an eleventh-hour effort to reach an agreement with the country's creditors. While European Commission President Jean-Claude Juncker's office called the effort "good basis for progress," Jeroen Dijsselbloem -- head of the Eurogroup -- said it will be "impossible to have a final assessment of the Greek proposal today." At last check, the German DAX is up 2.8%, the French CAC 40 is 2.7% higher, and London's FTSE 100 is enjoying a 1% lead.

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