Desk Report: Asian stocks were mostly higher on hopes that a solution to Greece’s debt problems could be near even as talks between eurozone finance ministers broke up early Monday without an agreement.
Oil slipped below $93 a barrel while the dollar strengthened against the euro and yen.
Global stock markets were hammered for most of last week by fears that a default by Greece seemed imminent before rising Friday as hopes grew for a bailout deal. Investors fear a Greek default could set off a domino effect with other weak European economies.
Greece’s prime minister confirmed Sunday his nation was talking with world lenders about a second financial rescue package “roughly equal” to what it received last year. Meanwhile, Luxembourg Prime Minister Jean-Claude Juncker, chair of the regular meetings of the 17 eurozone finance ministers, said Greece will get the next euro12 billion of its existing euro110 billion bailout package in early July, but only if it manages to pass new spending cuts and economic reforms by the end of the month.
But he said as long as parliament supports the new measures, he was certain that Greece would also get a second bailout that will keep it afloat over the coming years as it works to restore its struggling economy.
“All eyes remain on Greece,” strategists at Credit Agricole CIB wrote in a research note. They added that “news this morning that the Eurogroup’s final decision on the country’s second bailout package has been delayed until early July will result in more uncertainty filtering through markets.”
Japan’s Nikkei 225 index was 0.6 percent higher at 9,406.84 while South Korea’s Kospi rose 0.3 percent to 2,038.45. Australia’s S&P/ASX 200 was 0.4 percent higher at 4,492.60 while Hong Kong’s Hang Seng index rose 0.6 percent to 21,823.18. Benchmarks in Singapore, Taiwan and New Zealand also rose while mainland Chinese shares were lower.
On Wall Street last week, the U.S. stock market eked out its first week of gains since April, helped by signs a solution to Greece’s debt problems were near.
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Zabed Amin, DMD of Padma Bank Limited and Md. Rafiqul Islam, CEO of Rico International, exchange documents after sign an agreement at the consultancy office in the capital on Tuesday. Under the deal, Rico International students shall be served with priority services ranging from account opening to remittance and beyond at the bank’s specialized Student Care Centers and branches through dedicated relationship managers. Top officials from both sides were present.— November 10, 2022— August 12, 2022
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