Markets rise with vote of confidence for Greek government
Asian stock markets rose today after a parliamentary vote of confidence in the Greek government boosted hopes that the country will avoid a default that could trigger another financial crisis.
Oil prices fell below $94 a barrel after a crude supply report reflected mixed signs about U.S. demand. In currencies, the dollar was higher against the euro and the yen.
Japan's Nikkei 225 index rose 1.8 to 9,625.63, with export-focused stocks shooting up on a weakening yen, which makes products heading overseas less expensive.
Consumer electronics giant Sony Corp. jumped 3.5 percent. Toshiba Corp. rose 2.8 percent, and Hitachi Ltd. was up 2.7 percent.
Confidence was boosted by the Greek government surviving a crucial confidence vote, raising the likelihood that the country will push through budget cuts required to get the latest installment of emergency loans. Worries that a default by Greece could lead to a wider financial crisis have been dragging on markets since early May.
"In the short term, people have become more optimistic because the Greek crisis seems to be resolved," said Castor Pang, head of research at Core Pacific-Yamaichi in Hong Kong.
He said markets would remain "calm" if the U.S. Federal Reserve, which began a two-day policy meeting Tuesday, does not announce another round of bond buying, or quantitative easing, to help boost the economy once the current program ends late this month.
Hong Kong's Hang Seng was 0.3 percent higher to 21,922.69 and South Korea's Kospi rose 1.2 percent to 2,071.36. Australia's S&P/ASX 200 gained 0.8 percent to 4,543.50. Benchmarks in Singapore, Taiwan, Indonesia and the Philippines also rose.
