Greece optimism boosts global stocks

TOKYO - Global stock markets were boosted Monday by signs the latest reform proposal from cash-strapped Athens was receiving a positive response from European leaders.

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 0.7 percent.

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.

"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.

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.

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.

The dollar rose to 123.07 yen versus 122.73 yen on Friday. The euro fell to $1.1342 from $1.1356. Global stock markets were boosted Monday by signs the latest reform proposal from cash-strapped Athens was receiving a positive response from European leaders.