Asian stocks outside Japan advanced on Friday following a mildly positive lead from Wall Street. Uncertainty over a “Grexit” is back on the radar as the debt-stricken nation prepares for a meeting with the Eurogroup later in the day, which analysts say won’t yield results.
“It is now clear that the chances of Greece reaching a deal to unblock the funds during the coming meeting on 24 April are very slim. This means that Greece is unlikely to receive official funds until at least the next Eurogroup meeting scheduled for 11 May, which given the lack of progress on negotiations so far, also seems unlikely at this stage,” IHS analysts wrote in a note.
“This creates significant uncertainty regarding Greece’s ability to pay its bills over the coming weeks and months,” the note added. Overnight, U.S. stocks closed near highs, with the tech-heavy Nasdaq adding 0.4 percent at an all-time high, as investors cheered corporate earnings reports. The S&P 500 added 0.2 percent, while the blue-chip Dow closed up 0.1 percent.