LONDON — Europe’s stock markets closed on a high Wednesday as Greece prepared a fresh package of reform proposals to be unveiled on Thursday and requested further emergency aid from the euro zone’s bailout fund to prevent bankruptcy.

The gains occurred as U.S. stocks plummeted, and trading on the New York Stock Exchange was halted.

On Sunday, European Union leaders will discuss those proposals and decide the future of Greece in the euro zone. On Wednesday, the country’s antiausterity prime minister Alexis Tsipras told the European Parliament in Strasbourg that Europe must not be divided.

China’s markets, meanwhile, continued their rollercoaster ride even as the government unveiled supportive measures to boost the market. At least 1,430 of the more than 2,800 companies that are traded in China put a halt on shares, according to state media.

Milan’s FTSE MIB led the European upswing, climbing 2.6 percent to 21,512, followed by the FTSE 100 in London, 0.9 percent to 6,490, and the CAC 40 in Paris, 0.8 percent to 4,639. The DAX in Frankfurt climbed 0.7 percent to 10,747.

The euro traded at $1.10, while the pound fetched $1.55, and the Swiss franc equaled $1.06 at the close of trading in Europe. The Hong Kong dollar traded at $0.13 at the day’s close.

The Shanghai Composite dove 8 percent at market open and spent the entire day in negative territory before ending down 5.9 percent. Shenzhen also declined 2.5 percent. The volatility extended to Hong Kong stocks with the benchmark Hang Seng Index falling 5.84 percent.

Shares of Li & Fung fell 3.9 percent to 5.92 Hong Kong dollars, while its consumer brands spinoff, Global Brands Group, lost 5.30 percent closing at 1.43 Hong Kong dollars.

Esprit dropped 6.84 percent to 6.40 Hong Kong dollars, but Prada was fairly resilient, down 0.79 percent at 37.75 Hong Kong dollars.

Hard luxury stocks took a beating. Premium watch distributor Sincere Watch plunged 18.82 percent to 1.38 Hong Kong dollars while its peer Oriental Watch Holdings lost 7.20 percent ending at 1.16 Hong Kong dollars.

Jewelry firms Tse Sui Luen Jewellery fell 6.81 percent to 2.60 Hong Kong dollars, or 83 cents, as Chow Tai Fook also shed 1.49 percent to 7.96 Hong Kong dollars, or $1.03. Similarly, Luk Fook Holdings fell 1.59 percent to 21.70 Hong Kong dollars, $2.80.

In Europe, retail and luxury stocks continued to put on an uneven show, with the morning’s biggest fallers including Tod’s SpA, 3.7 percent to 77.95 euros, or $86.09; Salvatore Ferragamo, 2 percent to 24.43 euros, or $26.98; Marks & Spencer Group, 2.5 percent to 5.22 pounds, or $8; Geox, 2 percent to 3.29 euros, or $3.63; Asos.com, 3.9 percent to 34.67 pounds, or $53.16; and MySale Group, 4.8 percent to 0.50 pounds, or 77 cents.

Among the stocks that gained the most ground were Primark parent Associated British Foods, 2.1 percent to 29.31 pounds, or $44.94; Gemfields, 3.5 percent to 0.56 pounds, or 86 cents; Burberry Group, 2.1 percent to 15.38 pounds, or $23.58; Luxottica Group, 2.4 percent to 58.45 euros, or $64.55, and Yoox Group, 2.1 percent to 27.65 euros, or $30.54.

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