Greek Prime Minister Lucas Papademos is negotiating with other Greek politicians to accept a draft deal that could restructure Greek debt and stave off default.
Hong Kong finished lower due to a pull-back from Wednesday's big gains and worry over the simmering Greek debt crisis. Funds flowed to laggards in the market.
News of a European interest rate cut and the decision by Greek leaders not to put the Europe debt solution plan to a vote triggered a sharp rise in the Hong Kong market.
After enjoying the bull market in the early months of 2012, investors were alarmed once again by the Greek debt crisis but stronger U.S. economic numbers may help stocks strike a balance.
A new study by the Federation of Indian Chambers of Commerce and Industry (FICCI) has expressed concern that the sovereign debt crisis of Greece may spread over to other European nations which could have catastrophic impact on Indian exports.
Greece has reached an agreement with the International Monetary Fund (IMF) and the European Union (EU) on a $159 billion rescue package for the debt-laden country.
The latest manufacturing data fell short of expectations and negatively impacted shares of industrial metals miners. Ongoing worry over the Greek banking crisis also struck the sector.
EU leaders have been in heavy talks with Greece officials on accepting deeper austerity cuts and providing more assurances before receiving more aid. But is it too little, too late?
Hong Kong blue chips opened higher on speculation there would be progress in Greek debt negotiations and broke through the 21,000 resistance level in the afternoon following a rally in Shanghai.
Greek bailout approved, but worries continue. U.S. market needs a rest, but selected issuers will do well. Nowhere else to put your money if you want a return.
A controlled default by Greece of a forced solution that will have its casualties will free up global investors to buy and corporate leaders to make decisions.
All that money parked in safe instruments earning nothing will someday stampede into stocks All it will take is for Europe's risk of contagion to come off the table, There yet?
The euro swung from plus to minute this morning, suggesting a possibility of a new uncertainty. Look for the DJIA to trade in the range of 12,800 - 12,935.