Asian stocks headed for the biggest weekly gain since April as the increased likelihood of an end to Greece’s debt crisis bolstered global equities.
The MSCI Asia Pacific Index traded little changed at 144.32 as of 9:03 a.m. in Tokyo, heading for a 2.3 percent advance this week. The Standard & Poor’s 500 Index added 0.8 percent on Thursday, while the Stoxx Europe 600 Index increased 1.4 percent for a seventh day of gains after Greece’s parliament approved bailout measures and the European Central Bank boosted emergency aid. The Shanghai Composite Index closed 0.5 percent higher.
ECB President Mario Draghi sought to draw a line under the Greek crisis Thursday, confirming the nation’s place in the euro, as the central bank decided to raise funding to its lenders by 900 million euros ($979 million). He also said that Europe’s economic pickup is proceeding and increased uncertainty in financial markets isn’t hindering a broadening of that recovery.