Asian equities were mostly higher on Monday, together with firmer U.S. stock futures and the euro, as investors were encouraged by signs of a compromise in Greece’s debt talks with its creditors.
After anxious depositors pulled billions of euros out of Greek banks last week, Greek Prime Minister Alexis Tsipras made a new offer of reforms on Sunday, showing a fresh willingness to make concessions that could unlock frozen aid and avert a default on the country’s debts. Both sides are due to continue the negotiations at a crisis summit in Brussels this week.
“S&P futures have opened on a stronger note… So far, we have heard constructive narrative of a new Greek proposal, with a number of new measures being effectively leaked through various newswires. We have even heard from the French camp that the proposal may form the basis of an agreement which the EU finance ministers can accept and use in the upcoming head of state summit,” Chris Weston, IG’s chief market strategist, wrote in a note.