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Asian stocks rose ahead of Monday’s European emergency summit on Greece’s debt crisis.
The MSCI Asia Pacific Index added 0.3 percent to 147.66 as of 9:06 a.m. in Tokyo after sliding 0.7 percent last week. E-mini futures on the Standard & Poor’s 500 Index jumped 0.4 percent ahead of the meeting, which is seen as a last-ditch attempt for Greece and its creditors to devise a bailout deal.
“The U.S. market seems to be reacting somewhat positively to the new Greek proposals,” Shoji Hirakawa, chief equity strategist at Okasan Securities Co. in Tokyo said by phone. “Deadlines may be extended in order to discuss the new proposal, but it doesn’t appear to be ground-breaking.”
With the clock running down on a June 30 deadline to make payments and work out a new deal after months of fruitless negotiations, Greek Prime Minister Alexis Tsipras will have to convince the country’s creditors that he’s ready to compromise on election promises to avoid a default. In phone calls Sunday, he briefed German Chancellor Angela Merkel, French President Francois Hollande and European Union Commission President Jean-Claude Juncker on Greece’s proposal to unlock bailout funds, according to a separate statement from his office.
JPMorgan Chase & Co. said the the impact of Greece being ejected from the euro probably wouldn’t rock world markets, and the fallout in Asia is unlikely to spread beyond an initial kneejerk reaction, according to Australia & New Zealand Banking Group Ltd.
South Korea’s Kospi index gained 0.8 percent, while Japan’s Topix index climbed 0.5 percent. The Japanese gauge has fallen for three straight weeks.
Australia’s S&P/ASX 200 Index slipped 0.1 percent. New Zealand’s NZX 50 Index was little changed.
Markets in China are shut Monday for a holiday. The Shanghai Composite Index tumbled 13 percent last week, its worst weekly selloff since 2008, amid concern valuations have been pushed to unsustainable levels.
Courtesy: Bloomberg Business 22 June 2015
