Arab Today, arab today asia markets mostly higher eyes on greek referendum
Last Updated : GMT 08:29:34
Arab Today, arab today
Arab Today, arab today

Asia markets mostly higher, eyes on Greek referendum

Arab Today, arab today

Arab Today, arab today Asia markets mostly higher, eyes on Greek referendum

Asia markets
Hong Kong - AFP

Asian markets mostly rose Wednesday as investors shrugged off Greece's default, with Tokyo lifted by an upbeat survey on business confidence, but Shanghai tumbled at the open after the previous day's surge.

The euro edged down against the dollar after Athens failed to service its debt to the International Monetary Fund, and analysts warned of continued uncertainty, even after Greeks vote in a weekend referendum, which is effectively a poll on eurozone membership.

Tokyo rose 0.22 percent, Sydney added 0.47 percent and Seoul was 0.20 percent higher.

Shanghai fell more than two percent at the open before recovering to sit 0.89 percent lower at mid-morning. The index ended more than five percent higher Tuesday, at the end of a day of wild volatility that at one point saw it down five percent.

Hong Kong and Bangkok are closed for public holidays.

As expected, Greece defaulted on its 1.5-billion-euro ($1.7-billion) IMF loan Tuesday after Prime Minister Alexis Tsipras shocked creditors and broke off bailout reform talks at the weekend, calling a July 5 plebiscite on creditors' proposals.

The deadline to pay came and went after European leaders rejected a last-minute compromise from Tsipras, meaning five months of fraught talks had failed, making Greece the only developed country ever to default with the IMF.

The Fund froze its loan programme to the government, while European Commission-European Central Bank liquidity assistance also expired on Tuesday.

Failure to make the payment "is not really the issue now, the bigger question is what response the ECB takes to the missed payment with respect to the provision of Emergency Liquidity Assistance," Philip Borkin, a senior economist in Auckland at ANZ Bank New Zealand Ltd., wrote in a client note Wednesday.

 "Even following this Sunday's referendum, there may still be more questions than answers, and so this heightened level of uncertainty could be part of the market backdrop for a while yet," he said.

On currency markets the euro was mixed but managed to keep from plunging.

It bought $1.1139 and 136.51 yen Wednesday in Tokyo, against $1.1139 and 136.38 yen in New York.

"Any possibility that eurozone membership becomes fluid is a negative for the euro, but the market is not yet so concerned with it until other larger countries look like they will be on the same path," said Ilya Feygin, a New York-based managing director and senior strategist at WallachBeth Capital LLC.

The dollar was at 122.42 yen compared with 122.44 yen.

Japan's Nikkei index ticked higher after the central bank's closely-watched Tankan survey of business confidence improved in the April-June quarter from the previous two quarters, beating expectations.

Economists said the gain came on the back of a lower yen and a rise in domestic demand.

In China, Shanghai's benchmark index slipped after a survey of manufacturing activity showed marginal growth in June but missed forecasts as the world's number two economy struggles to get back up to speed.

However, stock market losses were muted compared with the past two weeks' extreme volatility, which has seen losses of more than 20 percent fuelled by profit-taking and dealers calling in margin trades -- when they borrow cash to invest.

On oil markets US benchmark West Texas Intermediate for August delivery was unchanged at $59.47 a barrel and Brent crude for August dipped 46 cents to $63.13 in morning Asian trade.

Gold fetched $1,173.71 compared with $1,173.87 late Tuesday.

-- Bloomberg News contributed to this story --

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today asia markets mostly higher eyes on greek referendum Arab Today, arab today asia markets mostly higher eyes on greek referendum

 



Arab Today, arab today
Arab Today, arab today Prepares to present her new collection

GMT 14:29 2017 Monday ,20 February

Prepares to present her new collection
Arab Today, arab today Tourism shows signs of recovery

GMT 09:59 2017 Monday ,20 February

Tourism shows signs of recovery
Arab Today, arab today Sarah Belamesh designs antiques of "ceramic"

GMT 19:45 2017 Monday ,20 February

Sarah Belamesh designs antiques of "ceramic"
Arab Today, arab today 11 family members dead in rebel push

GMT 07:57 2017 Tuesday ,21 February

11 family members dead in rebel push
Arab Today, arab today Murder of 2 reporters in Dominican Republic

GMT 22:45 2017 Thursday ,16 February

Murder of 2 reporters in Dominican Republic

GMT 13:43 2017 Sunday ,19 February

Local institutional buying lifts Oman shares higher

GMT 15:33 2017 Saturday ,18 February

Lock-up shares worth 39 bln yuan eligible for trade

GMT 09:49 2017 Saturday ,18 February

Qatar Stock Exchange Index Gains 190.17 Points This Week

GMT 09:15 2017 Friday ,17 February

Asia stocks retreat after week-long Trump rally

GMT 08:14 2017 Friday ,17 February

Bahrain Bourse daily trading report

GMT 21:28 2017 Thursday ,16 February

US Stocks End High on Tuesday
View News in Arabic - Business: أسواق مالية
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today Kidogo provides childcare for underserved

GMT 20:24 2017 Wednesday ,15 February

Kidogo provides childcare for underserved
Arab Today, arab today Tragic fluctuations of Bakhtiari's life revealed

GMT 06:50 2017 Wednesday ,15 February

Tragic fluctuations of Bakhtiari's life revealed
Arab Today, arab today London to tax old cars

GMT 14:06 2017 Friday ,17 February

London to tax old cars
Arab Today, arab today Pluto's unruly moons

GMT 06:31 2015 Thursday ,04 June

Pluto's unruly moons
Arab Today, arab today Nissan enhances sales in most markets

GMT 14:08 2017 Monday ,20 February

Nissan enhances sales in most markets
Arab Today, arab today Competes Sweden and Germans by S90

GMT 22:36 2017 Thursday ,16 February

Competes Sweden and Germans by S90
Arab Today, arab today Ahmed Fahmy stresses he did not ignore singing

GMT 06:34 2017 Sunday ,19 February

Ahmed Fahmy stresses he did not ignore singing
Arab Today, arab today Teach monkeys to recognize themselves in mirror

GMT 20:41 2017 Wednesday ,15 February

Teach monkeys to recognize themselves in mirror

GMT 21:11 2017 Saturday ,18 February

Egypt to hold first session of Arab film festival

GMT 06:40 2017 Friday ,10 February

MP calls for removing text from Islamic story

GMT 19:10 2017 Friday ,17 February

Hats, scarves add beauty to women

GMT 10:26 2017 Tuesday ,14 February

Emergency UN meeting in Harare

GMT 23:29 2017 Thursday ,16 February

Home built on sand castles-style costs $8m

GMT 14:51 2017 Monday ,20 February

Ways to acquire presentation skills

GMT 19:16 2017 Friday ,17 February

Aziz House ready to host the tourists

GMT 13:12 2015 Saturday ,09 May

Sheikh Sultan opens Sharjah Centre

GMT 12:39 2017 Monday ,20 February

newest smartphone another winner for Huawei

GMT 13:16 2017 Tuesday ,14 February

First fashion model with Down syndrome
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday