Asian Equities Mixed on Greece and Iran

Asian shares were mixed on Tuesday as volatility returned to mainland markets and oil prices plunged following long-awaited deals in Greece and Iran.

Uncertainty still surrounds Greece even after European negotiators and Athens finally reached a deal for a third bailout on Monday. The news saw global markets rally overnight, with the Dow, S&P 500 and Nasdaq ending 1 percent higher, while the French CAC 40 led gains in Europe by 2 percent. Still, experts warn that the chances of Greece leaving the euro zone remain high.

Oil prices declined 1 percent after Reuters reported that a draft Iran nuclear agreement has been reached. The deal allows the United Nations access to all suspect Iranian sites, including military ones, but there are no details yet on whether it includes a lifting of the arms embargo against Tehran. A draft statement from Iran’s foreign minister and the European Union’s foreign policy chief is due later in the day.