Asian stocks rose, with the regional benchmark index heading for its highest close since September, after U.S. equity gauges climbed to records as Greece reached a provisional deal on its bailout program.
The MSCI Asia Pacific Index added 0.1 percent to 145.21 as of 9:01 a.m. in Tokyo. The gauge advanced 1.5 percent last week, while the Standard & Poor’s 500 Index and Dow Jones Industrial Average climbed to all-time highs. Euro-area finance ministers reached an agreement intended to keep aid flowing to Greece for four months in return for a commitment to budget targets, buying time to work out the details of longer-term financing.
“There’s clearly some momentum for equities,” Tim Schroeders, a portfolio manager who helps oversee about $1 billion in equities at Pengana Capital Ltd. in Melbourne, said by phone. “When you have bonds yielding next to nothing, equities are a good alternative. Equities still look cheap relative to bonds. Greece has four months to work out a solution. We’ll have to wait and see.”
Content is for general information purposes only. It is not investment advice or a solution to buy or sell securities. Opinions are the authors; not necessarily that of OANDA Business Information & Services, Inc. or any of its affiliates, subsidiaries, officers or directors. If you would like to reproduce or redistribute any of the content found on MarketPulse, an award winning forex, commodities and global indices analysis and news site service produced by OANDA Business Information & Services, Inc., please access the RSS feed or contact us at firstname.lastname@example.org. Visit https://www.marketpulse.com/ to find out more about the beat of the global markets. © 2023 OANDA Business Information & Services Inc.