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Asian shares bounce back from losses | Asian shares bounce back from losses |
(35 minutes later) | |
Asian markets traded higher on Tuesday, recovering losses made a day earlier on fears that Greece would exit the eurozone, after voting no to bailout conditions from creditors. | |
Greeks rejected more austerity measures on Sunday, deepening the debt crisis which sent markets tumbling on Monday. | Greeks rejected more austerity measures on Sunday, deepening the debt crisis which sent markets tumbling on Monday. |
Investors were awaiting the Greek government's new proposals to be unveiled at an emergency bloc meeting. | Investors were awaiting the Greek government's new proposals to be unveiled at an emergency bloc meeting. |
Japan's benchmark Nikkei 225 was up 1.4% to 20,389.47 in early trade. | |
The euro also rebounded from Monday's one week low to $1.1045 against the dollar. | The euro also rebounded from Monday's one week low to $1.1045 against the dollar. |
It bought 135.47 yen, slightly below 135.50 in New York trade. | It bought 135.47 yen, slightly below 135.50 in New York trade. |
China sharply lower | |
Chinese shares opened lower with the Shanghai Composite down 1.8% to 3,706.81 despite more measures from the government to stem the sell-off in the market. | |
Over the weekend, brokerages and fund managers vowed to buy massive amounts of stocks, helped by China's state-owned margin finance company, which in turn would be helped with liquidity from the central bank. | |
Bernard Aw, market strategist at trading firm IG said he expects authorities will continue to "implement stronger measures until the stock market stabilises". | |
Meanwhile, Hong Kong's Hang Seng index was higher 0.3% to 25,321.72 - trading in the opposite direction. | |
In South Korea, the benchmark Kospi index was down 0.1% to 2,051.87. | |
Shares of Samsung Electronics were higher by over 2% despite the tech giant's earnings guidance falling short of expectations for the second quarter. | |
Australia's S&P/ASX 200 index was up 1.8% to 5,572.70 as investors awaited the central bank's decision on interest rates later in the day. | |
The Reserve Bank of Australia is widely expected to keep interest rates at record low of 2% after a cut in May. | The Reserve Bank of Australia is widely expected to keep interest rates at record low of 2% after a cut in May. |