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International markets roundup

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A roundup of trading on major world markets:

NEW YORK – US stocks have powered higher as the latest bailout proposal from Greece lifted hopes for a breakthrough with creditors this weekend.

The Dow Jones Industrial Average gained 211.79 points (1.21 per cent) at 17,760.41 on Friday.

The broad-based S&P 500 jumped 25.31 (1.23 per cent) to 2,076.62, while the tech-rich Nasdaq Composite Index surged 75.30 (1.53 per cent) to 4,997.70.

Stocks were in positive territory all day after Athens’s latest rescue plan conceded ground on major sticking points including tax and pensions. The proposal was welcomed by French and Italian officials, while German officials were more circumspect.

LONDON – The eurozone’s major stock markets surged around three per cent on hopes that Greece and its creditors were close to a deal to keep it in the euro after Athens’ latest proposals.

Sentiment was also soothed by another sharp rebound on the troubled Chinese stock market after a month-long rout, dealers said.

In Paris the CAC 40 index leapt 3.07 per cent to close Friday at 4,907.07 points, while Madrid gained 3.08 per cent, Lisbon 3.04 per cent and Milan three per cent.

Frankfurt’s DAX 30 climbed 2.90 per cent to close at 11,315.63 points, having also briefly risen above three per cent earlier.

Outside the eurozone, London climbed 1.39 per cent to 6,673.38 points.

The euro closed at $US1.1152, up from $US1.1036 late on Thursday.

HONG KONG – Most Asian markets rose for a second day after Greece submitted new debt reform plans and fears over a Chinese rout subsided as Shanghai stocks surged again.

Shanghai rallied 4.54 per cent, or 168.47 points, to 3,877.80 after surging almost six per cent on Thursday as Chinese authorities beefed up measures to staunch a sell-off that has wiped trillions off mainland markets.

The index ended a roller-coaster week 5.18 per cent higher.

Hong Kong rose 2.08 per cent, or 508.49 points, to 24,901.28, adding to a near four per cent advance in the previous session.

Sydney added 0.38 per cent, or 21.0 points, to 5,492.0 and Seoul put on 0.17 per cent, or 3.36 points, to 2,031.17.

But Tokyo lost 0.38 per cent, or 75.67 points, to end at 19,779.83, giving up early gains.

WELLINGTON – The S&P/NZX 50 Index slipped 12.1 points, or 0.2 per cent, to 5725.34.