Overseas Trading: Shanghai Composite Bounces; All Eyes on Greece

Asian stocks settled higher, while European equities continue to struggle

Jun 30, 2015 at 8:11 AM

Stocks in Asia reversed higher after Monday's drubbing, as traders shrugged off reports that Greece is set to default on its roughly $1.7 billion loan repayment to the International Monetary Fund (IMF), due today. Particularly notable was the Shanghai Composite's 5.5% pop, as regulators scrambled to prop up the flailing stock market via a potential suspension of initial public offerings, and new rules allowing pension funds to buy equities. Elsewhere, Hong Kong's Hang Seng tacked on 1.1%, Japan's Nikkei added 0.6%, and South Korea's Kospi ended 0.7% higher.

European bourses are once again struggling amid ongoing worries of a "Grexit," despite at least one source claiming last-minute negotiations may resume between Athens and its creditors. At last check, the French CAC 40 and German DAX are down 0.4% and 0.3%, respectively. Also, London's FTSE 100 has lost 0.6%, despite an upwardly revised first-quarter gross domestic product (GDP).

150630ov5

Follow @Schaeffers

You Don’t Need 25 Alerts -- You Need ONE You Can Trust!

That’s the idea behind Trade of the Week, Schaeffer’s newest trade alert.

Every Monday morning before the opening bell, you’ll receive a single, expertly researched trade recommendation -- built from the same proprietary research we’ve been using for over four decades.

It’s not just a signal.

It’s a plan designed for traders who are tired of jumping from alert to alert without ever finding their edge.

No juggling alerts. No switching directions mid-week. Just one clear, expertly researched trade idea -- delivered before the market even opens.

👉 JOIN RIGHT NOW FOR JUST $1 TO GET THE NEXT TRADE!