Investing.com - Asian stock markets were mostly higher during late Asian trade on Tuesday, as appetite for riskier assets strengthened after euro zone finance ministers reached an agreement expected to trigger a much-needed aid payment for Greece.
During late Asian trade, Hong Kong's Hang Seng Index dipped 0.2%, Australia’s ASX/200 Index settled 0.75% higher, while Japan’s Nikkei 225 Index ended up 0.4%.
Euro zone finance ministers, the European Central Bank and the International Monetary Fund reached an agreement in a meeting that wrapped up early Tuesday in Brussels to reduce Greece’s debt-reduction target by EUR40 billion to 124% of gross domestic product by 2020.
Athens was also cleared to receive a much-needed EUR34.4 billion loan installment in December, easing fears over a potential messy default and exit from the euro zone.
In Tokyo, the Nikkei edged up to hit a seven-month closing high, boosted by ongoing weakness in the yen, which traded close to an eight-month low against the U.S. dollar and a seven-month low against the euro.
A weaker yen increases the value of overseas income at Japanese companies when repatriated, boosting the outlook for export earnings.
The yen has been weighed by speculation the country’s main opposition leader, Shinzo Abe will win the upcoming general election on December 16. Abe has recently called for more aggressive monetary stimulus from the Bank of Japan.
Meanwhile, shares in Australia advanced on the back of gains in miners and lenders, which benefitted from the upbeat market mood.
Mining giants BHP Billiton and Rio Tinto rose 0.55% and 1% respectively, while iron ore producer Fortescue Metals Group added 1.3%.
The nation’s big four banks were all higher, with Australia's number 1 lender, Commonwealth Bank of Australia adding 0.2%, ANZ Banking Group up 1% and National Australia Bank rising 0.55%.
Elsewhere, shares in Hong Kong bucked the regional trend, weighed down by losses in mainland China, where markets fell to a four-year intraday low.
The decline came despite data released earlier by the National Bureau of Statistics showing Chinese industrial profits rose 20.5% in October from a year earlier, much stronger than the 7.8% increase in September.
Looking ahead, European stock market futures pointed to a higher open, after a deal on a new debt target for Greece was announced.
The EURO STOXX 50 futures pointed to a gain of 0.75% at the open, France’s CAC 40 futures rose 0.7%, London’s FTSE 100 futures added 0.5%, while Germany's DAX futures pointed to a gain of 0.6%.
Later in the day, the U.S. was to release official data on durable goods orders, as well as industry data on house price inflation.
In addition, the Conference Board was to publish data on U.S. consumer confidence, while Federal Reserve Chairman Ben Bernanke was to deliver brief remarks at the National College Fed Challenge Finals, in Washington D.C.
During late Asian trade, Hong Kong's Hang Seng Index dipped 0.2%, Australia’s ASX/200 Index settled 0.75% higher, while Japan’s Nikkei 225 Index ended up 0.4%.
Euro zone finance ministers, the European Central Bank and the International Monetary Fund reached an agreement in a meeting that wrapped up early Tuesday in Brussels to reduce Greece’s debt-reduction target by EUR40 billion to 124% of gross domestic product by 2020.
Athens was also cleared to receive a much-needed EUR34.4 billion loan installment in December, easing fears over a potential messy default and exit from the euro zone.
In Tokyo, the Nikkei edged up to hit a seven-month closing high, boosted by ongoing weakness in the yen, which traded close to an eight-month low against the U.S. dollar and a seven-month low against the euro.
A weaker yen increases the value of overseas income at Japanese companies when repatriated, boosting the outlook for export earnings.
The yen has been weighed by speculation the country’s main opposition leader, Shinzo Abe will win the upcoming general election on December 16. Abe has recently called for more aggressive monetary stimulus from the Bank of Japan.
Meanwhile, shares in Australia advanced on the back of gains in miners and lenders, which benefitted from the upbeat market mood.
Mining giants BHP Billiton and Rio Tinto rose 0.55% and 1% respectively, while iron ore producer Fortescue Metals Group added 1.3%.
The nation’s big four banks were all higher, with Australia's number 1 lender, Commonwealth Bank of Australia adding 0.2%, ANZ Banking Group up 1% and National Australia Bank rising 0.55%.
Elsewhere, shares in Hong Kong bucked the regional trend, weighed down by losses in mainland China, where markets fell to a four-year intraday low.
The decline came despite data released earlier by the National Bureau of Statistics showing Chinese industrial profits rose 20.5% in October from a year earlier, much stronger than the 7.8% increase in September.
Looking ahead, European stock market futures pointed to a higher open, after a deal on a new debt target for Greece was announced.
The EURO STOXX 50 futures pointed to a gain of 0.75% at the open, France’s CAC 40 futures rose 0.7%, London’s FTSE 100 futures added 0.5%, while Germany's DAX futures pointed to a gain of 0.6%.
Later in the day, the U.S. was to release official data on durable goods orders, as well as industry data on house price inflation.
In addition, the Conference Board was to publish data on U.S. consumer confidence, while Federal Reserve Chairman Ben Bernanke was to deliver brief remarks at the National College Fed Challenge Finals, in Washington D.C.