Asian equity markets were mostly higher on Monday, but the mood was cautious amid uncertainty over Greece as an emergency summit of euro zone leaders continues.
European ministers are currently meeting in Brussels to review conditions for Greece to start negotiating bailout terms, including controversial measures like pension reforms. However, fears of a ‘Grexit’ are on the rise following the release of a German proposal that said “Greece should be offered swift negotiations on a time-out from the euro area.” Still, the euro remained resilient in early trading, down 0.3 percent to around 1.11 per dollar.
Focus in Asia is also on Chinese trade figures. In June, exports rose 2.1 percent on year in yuan terms, while imports lost an annual 6.7 percent, bringing the monthly trade surplus to 284 billion yuan. Shortly after the release, customs officials warned that exports are likely to face “relatively big pressure” in the coming months.