Asian stocks rose ahead of Monday’s European emergency summit on Greece’s debt crisis.
The MSCI Asia Pacific Index added 0.3 percent to 147.66 as of 9:06 a.m. in Tokyo after sliding 0.7 percent last week. E-mini futures on the Standard & Poor’s 500 Index jumped 0.4 percent ahead of the meeting, which is seen as a last-ditch attempt for Greece and its creditors to devise a bailout deal.
With the clock running down on a June 30 deadline to make payments and work out a new deal after months of fruitless negotiations, Greek Prime Minister Alexis Tsipras will have to convince the country’s creditors that he’s ready to compromise on election promises to avoid a default. In phone calls Sunday, he briefed German Chancellor Angela Merkel, French President Francois Hollande and European Union Commission President Jean-Claude Juncker on Greece’s proposal to unlock bailout funds, according to a separate statement from his office.
South Korea’s Kospi index gained 0.8 percent, while Japan’s Topix index climbed 0.5 percent. The Japanese gauge has fallen for three straight weeks.
Australia’s S&P/ASX 200 Index slipped 0.1 percent. New Zealand’s NZX 50 Index was little changed.
Markets in China are shut Monday for a holiday. The Shanghai Composite Index tumbled 13 percent last week, its worst weekly selloff since 2008, amid concern valuations have been pushed to unsustainable levels.