LONDON — European stock markets perked up in midmorning trading on Wednesday as Greek prime minister Alexis Tsipras prepared to unveil a new package of reforms aimed at ending his country’s debt crisis and remaining inside the euro zone.
In the U.S., stocks fell out of the gate in the morning trading session.
Tsipras has until Friday to present the new proposals that will be discussed on Sunday by European Union leaders. Those discussions will also determine whether the EU will unlock emergency aid for the debt-laden country, which is rapidly running out of money.
Earlier on Wednesday, Greece’s anti-austerity prime minister told the European Parliament in Strasbourg that Europe must not be divided.
The FTSE MIB in Milan, which had fallen the most of any major market this week as Italy is considered at greatest risk of contagion from the Greek crisis, climbed 1 percent to 21,168.29. The FTSE 100 in London was up 0.6 percent to 6,471.57; the CAC 40 in Paris, 0.5 percent to 4,629.33, and the DAX in Frankfurt, 0.3 percent to 10,704.33.
The euro held steady at $1.10, while the pound fetched $1.55, and the Swiss franc, $1.06, at 12:15 p.m. CET.
Retail and luxury stocks put on an uneven performance, with the morning’s biggest gainers including Burberry Group, 1.9 percent to 15.34 pounds; Hugo Boss, 1.4 percent to 99.69 euros; Gemfields, 1.9 percent to 0.55 pounds, and Italia Independent Group, 2.2 percent to 32.03 euros.
Among the stocks that lost the most ground were MySale Group, down 5.8 percent to 0.49 pounds; Asos.com, 1.6 percent to 35.47 pounds; Safilo Group, 3.7 percent to 11.57 euros; Salvatore Ferragamo, 2.5 percent to 24.30 euros, and Tod’s, 2.3 percent to 79.10 euros.
In New York, the Dow Jones Industrial Average dropped 135 points, or 0.7 percent, to 17,646 while the S&P 500 also shed 0.7 percent to 2,067. The S&P Retailing Industry Group index was off 0.3 percent to 1,148.