Investing.com - Asian stocks were mixed to higher Monday, pressured down by growing fears Greece will exit the euro while buoyed by a Chinese decision to cut reserve requirements on banks, which was bullish for equities.
During Asian trading on Monday, Hong Kong's Hang Seng Index was down 0.35%, Australia's S&P/ASX200 was up 0.09%, while Japan’s Nikkei 225 Index was up 0.10%.
Greece still remains unable to form a coalition government in wake of recent parliamentary elections.
Widespread anger over austerity measures such as tax hikes and public-sector layoffs ended relative dominance enjoyed by the New Democracy and PASOK political parties in recent elections, giving rise to organizations such as the leftist Syriza party, which has balked against forming a coalition government.
Syriza leaders have said they staunchly opposes austerity measures gripping the country's economy.
The longer the stalemate drags on, the chances increase the country will head to another round of elections, seen by many as a tipping point that would prompt Greece to exit the eurozone.
The impasse sent share prices falling, as Europe is a key trading partner with Asia.
Some stocks got a boost out of China, where People's Bank of China cut by 50 basis points banks' reserve requirement ratio effective May 18.
The move is designed to fuel economic expansion by increasing access to financing, which would jolt stock prices.
In Hong Kong, the top decliners included COSCO Pacific, down 2.98%, Esprit Holdings, down 2.91%, and Cathay Pacific Air, down 2.45%.
In Australia, the top gainers included Macmahon Holdings, up 3.65%, Iluka Resources, up 2.77%, and Adelaide Brighton, up 2.65%.
European stock futures indicated a lower opening.
France's CAC 40 futures pointed to a loss of 0.45%, while Germany's DAX 30 futures signaled a loss of 0.47%. Meanwhile, in the U.K., the FTSE 100 futures indicated a loss of 0.14%.
Dow Jones Industrial Average futures were down 0.27% while the S&P 500 futures were down 0.34%.
Later Monday, the market will move on the release of the minutes of Australia's latest monetary policy and also on eurozone industrial output figures, while Italy is to hold an auction of 10-year government bonds.
During Asian trading on Monday, Hong Kong's Hang Seng Index was down 0.35%, Australia's S&P/ASX200 was up 0.09%, while Japan’s Nikkei 225 Index was up 0.10%.
Greece still remains unable to form a coalition government in wake of recent parliamentary elections.
Widespread anger over austerity measures such as tax hikes and public-sector layoffs ended relative dominance enjoyed by the New Democracy and PASOK political parties in recent elections, giving rise to organizations such as the leftist Syriza party, which has balked against forming a coalition government.
Syriza leaders have said they staunchly opposes austerity measures gripping the country's economy.
The longer the stalemate drags on, the chances increase the country will head to another round of elections, seen by many as a tipping point that would prompt Greece to exit the eurozone.
The impasse sent share prices falling, as Europe is a key trading partner with Asia.
Some stocks got a boost out of China, where People's Bank of China cut by 50 basis points banks' reserve requirement ratio effective May 18.
The move is designed to fuel economic expansion by increasing access to financing, which would jolt stock prices.
In Hong Kong, the top decliners included COSCO Pacific, down 2.98%, Esprit Holdings, down 2.91%, and Cathay Pacific Air, down 2.45%.
In Australia, the top gainers included Macmahon Holdings, up 3.65%, Iluka Resources, up 2.77%, and Adelaide Brighton, up 2.65%.
European stock futures indicated a lower opening.
France's CAC 40 futures pointed to a loss of 0.45%, while Germany's DAX 30 futures signaled a loss of 0.47%. Meanwhile, in the U.K., the FTSE 100 futures indicated a loss of 0.14%.
Dow Jones Industrial Average futures were down 0.27% while the S&P 500 futures were down 0.34%.
Later Monday, the market will move on the release of the minutes of Australia's latest monetary policy and also on eurozone industrial output figures, while Italy is to hold an auction of 10-year government bonds.