Asia: Stocks higher ahead of EU summit, China closed for holiday
Most stocks in Asia were higher thanks to advanced talks between Greece and its creditors.
Honda Motor Co.
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Nikkei 225
39,332.74
09:45 04/10/24
Obayashi Corporation
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Origin Energy Limited
$10.19
07:31 07/10/24
Santos Limited
$7.29
07:31 07/10/24
Taisei Corporation
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The country submitted on Sunday night new proposals to the heads of the IMF, ECB and European Commission.
A crucial emergency EU summit is due on Monday, with Accendo Markets analysts saying it could "form the basis of a deal with creditors to provide access to much needed funds to avoid default on IMF debt and a collapse of its banks".
Investors were optimistic that a deal can be reached after European Commission President Jean-Claude Juncker said the latest proposals from Greek Prime Minister Alexis Tsipras were a “good basis for progress.”
Driven by investor's optimism, the Nikkei 225 was up 1.26%. The yen was at ¥122.90 against the dollar.
Honda Motor rose 2.2% after confirming the death of a woman in Los Angeles last year was due to the rupture of a Takata airbag inflator. The news brings the number of fatalities related to the airbags to eight.
Still in Japan, Taisei Corp and Obayashi Corp jumped 2.56% and 3.5% respectively after reports that the construction companies will join a nuclear power plant project in Turkey led by the Japan and Turkey.
Elsewhere in China, Hong Kong's Hang Seng was up 1.2% while the Shanghai composite index was closed for a holiday. Last week, Chinese stocks declined 13%, their worst fall since the global financial crisis.
Australia's ASX closed 0.24% up led by good performance in the utilities and telecom sectors.
Cardno, an infrastructure and environmental services company, was one of the best performers, jumping 11.36% in the Australian market.
In commodities, the oil price came under fresh pressure over the weekend after Saudi oil minister Ali Al-Naimi said the country was ready to use its 1.5 to 2m barrels per day of spare oil production capacity, if demand, led by emerging markets, increased to a level that would absorb "additional barrels" over the second half of this year.
As a result, Australian oil and gas company Santos fell 1.44% and Origin Energy declined 1.15%.