Asian Equities Higher on Hopes for Greece

Asian shares rose on Tuesday after Greece’s latest budget proposals raised hopes it would stave off a debt default and reach a deal with lenders later this week.  MSCI’s broadest index of Asia-Pacific shares outside Japan .MIAPJ0000PUS was up 0.5 percent, while Japan’s Nikkei share average .N225 jumped 1.6 percent to a fresh 15-year high as investors bought back some of the shares they unloaded over three losing weeks.

“The fact that it appears that something will happen for Greece is really lifting the market’s mood,” said Ayako Sera, senior market economist at Sumitomo Mitsui Trust Bank in Tokyo.  “But these moves up are not based on fundamentals. The upside is likely to be heavy, as concerns about global growth remain,” she said.

U.S. stock futures ESc1 rose about 0.2 percent after Wall Street posted solid gains on Monday, with the Nasdaq Composite .IXIC closing at a record high.  European Council President Donald Tusk called the Greek proposals “a positive step forward,” and said the aim was to have Eurogroup finance ministers approve a cash-for-reform package on Wednesday evening, and put it to euro zone leaders for final endorsement on Thursday morning.

Reuters

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