Overseas Trading: Greece Lifeline Lifts Global Markets

Greece reached a bailout agreement with its creditors overnight

by Karee Venema

Published on Jul 13, 2015 at 8:02 AM

Asian equities settled in the green today on news Greece was nearing a bailout agreement with its creditors. Adding to the bullish bias was economic data out of China, which showed trade figures arrived above expectations -- with warnings that exports could encounter "relatively big pressure" down the road failing to sway investor sentiment. Against this backdrop, the Shanghai Composite extended last week's momentum, adding 2.4%. Elsewhere, Japan's Nikkei jumped 1.6%, South Korea's Kospi tacked on 1.5%, and Hong Kong's Hang Seng settled with a 1.3% win.

European benchmarks are in rally mode at midday, following reports Greece has been given a financial lifeline. Overnight, eurozone leaders hashed out a three-year bailout agreement for the debt-plagued nation, dodging a potential "Grexit" and "the social, economical and political consequences that a negative outcome would have brought," according to European Council President Donald Tusk. The deal now goes to national parliaments for approval. At last check, the French CAC 40 is up 2%, the German DAX is flirting with a 1.3% lead, and London's FTSE 100 is 0.8% higher.

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