Overseas Trading: All Eyes on Greece as Debt Deal Nears

Greece appears to have made headway with its creditors

Jun 23, 2015 at 8:04 AM
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Asian markets followed their U.S. counterparts into the green today, on hopes that Greece will hash out a debt deal with its creditors to avoid default. China's Shanghai Composite returned from holiday with a bang, tacking on 2.2% after the flash HSBC/Markit purchasing managers index (PMI) came in above expectations. Elsewhere, Japan's Nikkei added 1.9% to tap a fresh 15-year high, bolstered by news of a joint venture for Softbank. In the same bullish vein, South Korea's Kospi jumped 1.3% -- its fifth straight daily win -- amid a rally in financial names, and Hong Kong's Hang Seng rose 0.9%.

European benchmarks are poised for another day of gains, buoyed by signs of progress for Greece. Specifically, following yesterday's summit of eurozone finance ministers, French President Francois Hollande said, "The basis of a deal has been assembled," with some projecting an agreement could be reached as early as Wednesday. Additionally, traders are digesting a raft of PMI data, including a multi-year high in Markit's composite reading for the currency bloc. At last check, the French CAC 40 is up 1.4% and the German DAX is 1.3% higher -- with both countries seeing an increase in their respective PMIs -- while London's FTSE 100 is flirting with a 0.3% lead.

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