European stocks higher, with Greece facing fresh deadline

European stocks were mostly higher Wednesday, catching something of a break after four straight sessions of losses spurred by the turmoil surrounding the Greek debt crisis.

European stocks advanced as Greek Prime Minister Alexis Tsipras told the European Parliament his government will submit a detailed economic-reform proposal in the next few days, with the aim to unlock further bailout aid. Tsipras also confirmed that his country is on the “verge of bankruptcy.”

Greece faces a Sunday deadline to reach an agreement with eurozone leaders or face being forced out of the currency union.

Germany’s DAX 30 DAX, +0.36% rose 0.4% to 10,715.74, and France’s CAC 40 PX1, +0.62% climbed 0.6% to 4,633.81. Italy’s FTSE MIB FTSEMIB, +0.99% gained 0.9% to 21,156.45, and Spain’s IBEX 35 IBEX, +0.23% tacked on 0.2% to 10,365.80.

But overall, “markets are a little bit odd at the moment,” said Richard Perry, market analyst at Hantec Markets.

Markets “are going to be choppy until Friday,” when Greece needs to turn in its new reform proposal,” he said. “I don’t see how you’re going to get any sustainable move higher because there’s no good news out there.”

Greek banks won’t receive any more emergency lending if Greece’s government fails to secure a bailout deal with lenders, Christian Noyer, a member of the European Central Bank’s Governing Council, said on Wednesday.

Greek banks remained closed Wednesday, alongside a halt in equity trading in Athens GD, +2.03%

The euro EURUSD, +0.0908% was buying $1.1029 versus $1.1012 late Tuesday in New York.

But the Stoxx Europe 600 SXXP, -0.01% edged up less than 1 point at 372.80, with gains capped in part by a drop in Russian stocks that pulled the Micex Index MCX, -1.32% down 2.1%.

Russia’s ruble USDRUB, +0.6849% was losing ground against the dollar, and has declined more than 2% so far this week in the wake of the drop in oil prices to three-month lows. The dollar was up 0.3%, buying 56.893 rubles.

In London, the U.K. FTSE 100 UKX, +0.64% gained 0.6% to 6,471.77. Shares of Barclays PLC BARC, +2.62% BCS, -0.87% rose 2.4% after the banking giant ousted Chief Executive Antony Jenkins.