TOKYO – Stock markets were mostly higher in Asia on Monday as investors shrugged off the latest twist in Greece's cash crunch crisis.
Continue Reading Below
KEEPING SCORE: Japan's Nikkei 225 gained 0.8 percent to 20,335.31 and Hong Kong's Hang Seng rose 0.3 percent to 26,852.00. South Korea's Kospi added 0.2 percent to 2,051.94. Australia's S&P ASX/200 lost 0.3 percent to 5,578.40. Shares in Jakarta fell but other markets in Southeast Asia were higher. China's financial markets were closed for a national holiday after a tumble Friday when the Shanghai Composite dived 6.4 percent, taking it 13 percent lower for the week after more than doubling in the past year.
GREEK CRISIS: Leaders of the eurozone were to hold an emergency summit early Monday seeking agreement between Athens and its international creditors on how to avoid a default and potentially disastrous Greek exit from the euro. Greece faces a June 30 deadline to make a 1.6 billion euro ($1.8 billion) loan repayment to the International Monetary Fund, which it now is unable to make. With even bigger payments to the European Central Bank due in July, negotiators are awaiting details of a proposal from Greek Prime Minister Alexis Tsipras to see if it would allow a breakthrough.
THE QUOTE: "While the question of whether Greece stays in the Euro looms as a significant event in economic history, potentially impacting the lives of many people, it seems the broader international markets have concluded that it's a question that's unlikely to have much relevance for them," Ric Spooner, chief strategist for CMC Markets, said in a commentary.
WALL STREET: A rally that pushed a key index to a record high petered out on Friday. Despite the losses, the market still ended with its best week in nearly two months after getting a boost from the Federal Reserve on Wednesday. The Standard & Poor's 500 lost 11.48 points, or 0.5 percent, to 2,109.76. The Dow Jones industrial average fell 99.89 points, or 0.6 percent, to 18,015.95. The Nasdaq composite slid 15.95 points, or 0.3 percent, closing at 5,117.
ENERGY: Benchmark U.S. crude lost 10 cents to $59.51 a barrel in electronic trading on the New York Mercantile Exchange. It fell 84 cents to close at $59.61 a barrel in New York on Friday. Brent crude, a benchmark for international oil used by many U.S. refineries, fell 11 cents to $62.91 a barrel after falling $1.24 to $63.02 a barrel on Friday.
Continue Reading Below
CURRENCIES: The dollar strengthened to 122.78 yen from 122.73 yen on Friday. The euro rose to $1.1378 from $1.1356.