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Asian shares mostly higher on Greece deal | Asian shares mostly higher on Greece deal |
(about 3 hours later) | |
Most Asian stock markets have risen following the news of a deal between Greece and its creditors. | Most Asian stock markets have risen following the news of a deal between Greece and its creditors. |
Following marathon talks, eurozone leaders agreed a deal to keep Greece afloat and remain in the eurozone. | Following marathon talks, eurozone leaders agreed a deal to keep Greece afloat and remain in the eurozone. |
However, the bailout is conditional on Greece passing all the agreed reforms in parliament by Wednesday. | However, the bailout is conditional on Greece passing all the agreed reforms in parliament by Wednesday. |
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 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. |
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 reduced the risk of a Greek exit from the eurozone right now, the bloc still faced 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 1.2% 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 programme 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 trend | China bucks trend |
Chinese shares headed 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 index closed down 1.2%, while Hong Kong's Hang Seng index closed down 0.41%. | |
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). | 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 index ended up 1.9% to 5,577.40. | In Australia, the S&P/ASX 200 index ended up 1.9% to 5,577.40. |
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. | 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 Korea'S Kospi index finished down at 2,059.23, having risen for the three previous sessions. | South Korea'S Kospi index finished down at 2,059.23, having risen for the three previous sessions. |