Overseas Trading: Shanghai Composite Bounces; All Eyes on Greece

Asian stocks settled higher, while European equities continue to struggle

by Alex Eppstein

Published on 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).

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