LONDON (TheDeal) -- European stock indices rose on Tuesday after Greece offered concessions to its international creditors at an emergency summit, stoking hopes of a debt deal within the next two days.
Eurozone leaders late on Monday welcomed the new proposals -- which envisage raising revenue from taxes on businesses and on wealthy individuals -- as forming the basis of talks about a deal to unlock €7.2 billion ($8.1 billion) of bailout funding and enable Greece to pay back a €1.5 billion International Monetary Fund loan by the end of the month.
Meanwhile, Markit Economics' eurozone purchasing managers' indices for June came in better than expected, with the services, manufacturing and composite indices all moving further into the expansion territory denoted by any reading above the 50 threshold. France turned in its best quarterly performance since the third quarter of 2011, the research group said.
From the U.S., all eyes will be on May durable goods figures, which are out at 8.30 a.m. in Washington.
The Athens Composite Index jumped 3.75% to 777.27. In Frankfurt, the DAX rose 0.99% to 11,574.22, and in Paris, the CAC 40 was up 1.0% at 5,048.38. In London, the FTSE 100 crept up 0.12% to 6,834.14
Greene King (GRKGF) rose more than 2% as it closed its £774 million ($1.2 billion) acquisition of Spirit Pub after receiving competition clearance on Monday. The merged entity has more than 3,000 pubs, and analysts expect cost savings from the union.
Distributor Bunzl (BZLFY) fell after announcing four new acquisitions and the completion of a fifth, and saying the pace of "organic" revenue growth slowed to 1% in the first six months because of slower growth in North America.
Meanwhile a Credit Suisse Group review of the European hotels sector also moved shares.
France's Accor (ACRFF) fell sharply in Paris as the analysts downgraded their recommendation to underperform from neutral. They also upgraded Intercontinental Hotels (IHG) - Get Report to neutral, sending its shares up in London, and tipped Whitbread (WTBCF) as their preferred pick, giving it an outperform recommendation.
In Zurich, crop protection company Syngenta (SYT) rose after chairman Michel Demare said the group would consider a "serious" takeover proposal. The company in May rejected a $45 billion bid from Monsanto (MON) and says the U.S. company has been vastly underestimating antitrust and other risks associated with a transaction.
Japan's Nikkei 225 index rose 1.87% to 20,809.42, a new 15-year high, helped by a falling yen against the dollar. The Topix was up 1.69% at 1,676.40.
In Hong Kong, the Hang Seng rose 0.93% to 27,333.46, while on mainland China the Shanghai Composite rose 2.19% to 4,576.49.
Investors were encouraged by purchasing managers' data from HSBC Holdings/Markit Economics, which showed the Chinese manufacturing PMI index rising to a three-month high of 49.6, within a hair's breadth of the 50 marker that divides contraction from expansion.