Signs of a last-minute deal to prevent a Greek default propelled emerging stocks to their biggest one-day rise in more than two months and the relief also lifted emerging currencies, especially in eastern Europe. MSCI's emerging equity index rose 1 percent, pulling off 2-1/2 month lows hit last week when Athens appeared headed towards default and a euro exit just as the U.S. Federal Reserve is preparing for its first rate rise in almost a decade. The Athens market jumped more than 8 percent as euro zone officials said Greece's reform proposals were "reasonable".
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