Asian markets rose on the first trading day of the Year of the Sheep, buoyed by a bailout deal between Greece and the euro zone last week. However, trading volumes remain light with China, Taiwan and Vietnam still closed for the Chinese New Year holiday.
Wall Street set the positive mood by closing at highs last Friday after Greek and euro zone finance ministers agreed to extend the country’s financial rescue by four months. The Dow Jones Industrial Average closed up 0.9 percent, while both the S&P 500 and Nasdaq finished 0.6 percent higher.
However, there are analysts who remain cautious, saying the Greek crisis may not be “out of the woods yet.” “[Greece] has until today to submit their list of reforms to the Europeans so there’s still anxiety in the markets about whether the list will satisfy the Germans. [Bailout extension] is a positive signal but there’s more to come,” Clive McDonnell, head of Equity Strategy at Standard Chartered, told CNBC Asia’s “Squawk Box.”