Overseas Trading: Greek Concessions Lift European Stocks

Greece has submitted a new bailout proposal to its international lenders, making concessions on several key points

Jul 1, 2015 at 8:13 AM

Asian markets were mixed after Greece defaulted on its loan repayment to the International Monetary Fund (IMF). On the positive side, Japan's Nikkei tacked on 0.5% on better-than-expected confidence among manufacturers, while South Korea's Kospi popped 1.1%, shrugging off disappointing trade data, as well as a multi-year low in manufacturing activity. However, China's Shanghai Composite resumed its sell-off, plunging 5.2% -- and extending its slide into bear-market territory -- amid mixed economic data, including an in-line purchasing managers index (PMI) and an uptick in the services sector. Hong Kong's Hang Seng was shuttered for holiday.

European stocks are surging on newfound optimism that Athens and its creditors could hash out a deal, after Greek Prime Minister Alexis Tsipras sent a new proposal to lenders in which he made concessions on a number of issues. However, some European officials have already said the proposal is insufficient, ahead of a Eurogroup meeting later today. At last check, London's FTSE 100 is 1.3% higher, the French CAC 40 has soared 2.4%, and Germany's DAX has added 2.1%, helped by encouraging eurozone PMI data.

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