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Asian shares mostly higher on Greece deal Asian shares mostly higher on Greece deal
(about 5 hours later)
Asian shares were mostly higher after a breakthrough deal in Greece for a bailout package from creditors provided some resolution in the debt crisis. Most Asian stock markets have risen following the news of a deal between Greece and its creditors.
Eurozone leaders came out from talks on Monday in Brussels with a deal to keep Greece afloat and part of the euro currency union after months of negotiations. Following marathon talks, eurozone leaders agreed a deal to keep Greece afloat and remain in the eurozone.
But the euro fell from earlier gains to $1.0986, from $1.1004 in New York. However, the bailout is conditional on Greece passing all the agreed reforms in parliament by Wednesday.
In Japan, the benchmark Nikkei 225 was up 1.6% at 20,411.40 in morning trade. The news lifted stock markets in Europe and the US on Monday, while in Japan on Tuesday the benchmark Nikkei 225 closed up 1.5% at 20,385.33.
The euro also eased against the yen to 135.74, compared with 135.84 in US trade, as investors digested news of the long-awaited deal. Evan Lucas, market strategist at trading firm IG, said that although the deal reduced the risk of a Greek exit from the eurozone right now, the bloc still faced significant issues in the medium term.
Evan Lucas, market strategist at trading firm IG said that although the deal reduces the risk of a Greek exit from the eurozone right now, the bloc still faces significant issues in the medium term.
"Greek politics could collapse under the strain of this new deal and the subsequent elections that may transpire," he said in a note."Greek politics could collapse under the strain of this new deal and the subsequent elections that may transpire," he said in a note.
"The viability of the programme is also a large risk if the 'reform' process is disjointed or feeble or straight out rejected by new governments.""The viability of the programme is also a large risk if the 'reform' process is disjointed or feeble or straight out rejected by new governments."
Shares of Sony were down 2% after the electronics company announced its first new share offering in 26 years. Shares of Sony were down 1.2% after the electronics company announced its first new share offering in 26 years.
The move is intended to raise the capital for a larger restructuring program to push the business towards image sensors and video games. The move is intended to raise the capital for a larger restructuring programme to push the business towards image sensors and video games.
China bucks trendChina bucks trend
Chinese shares opened lower on Tuesday after rallying for the last three sessions to recover losses from its recent plunge. Chinese shares headed lower on Tuesday after rallying for the last three sessions to recover losses from its recent plunge.
The Shanghai Composite was down 0.4% to 3,956.47, while Hong Kong's Hang Seng index was lower by 0.5% to 25,088.68 in early trade. The Shanghai Composite fell 0.9% to 3,933.25, while Hong Kong's Hang Seng index was down 0.7% at 25,046.75 in afternoon trade.
Shares of telecommunications equipment maker ZTE surged 10% in Shenzhen after its board approved a share buyback plan estimated to be 1bn yuan ($161m; £104m). Shares of telecommunications equipment maker ZTE surged 10% in Shenzhen after its board approved a share buyback plan estimated to be worth 1bn yuan ($161m; £104m).
In Australia, the S&P/ASX 200 was up 1.7% to 5,567.80 with miners leading the charge. In Australia, the S&P/ASX 200 index ended up 1.9% to 5,577.40.
Index heavyweights BHP Billiton and Rio Tinto were up over 3% on expectations of good earnings reports next month. Mining heavyweights were among the top gainers with BHP Billiton and Rio Tinto up 2.8% and 3.2% respectively on expectations of good earnings reports next month.
South Korean shares were down 0.1% with the benchmark Kospi index at 2,059.07 points. South Korea'S Kospi index finished down at 2,059.23, having risen for the three previous sessions.