Asian stocks rose, following gains in global equities, after Greece submitted a bailout proposal similar to that proposed by its creditors.
The MSCI Asia Pacific Index climbed 0.1 percent to 140.85 as of 9:00 a.m. in Tokyo, trimming its decline this week to 3.8 percent, which would be the largest weekly drop since 2012. Greece’s package includes pension savings and tax increases as part of its bid to remain in the euro. European Union leaders will discuss the proposal Sunday. The Stoxx Europe 600 Index jumped 2.2 percent on Thursday, while the Standard & Poor’s 500 Index added 0.2 percent, as a rebound in Chinese equities also boosted sentiment.
“Signs that the proposal Greece has put together has concessions on longstanding issues and is similar to tabled proposals is reducing risk aversion,” Sam Tuck, a senior currency strategist in Auckland at ANZ Bank New Zealand Ltd., said by instant message. “The fact that China managed to close up across the board has certainly reduced market fear, but it’s still very much in the forefront of people’s minds.”