Asian Stocks Rise as Gold Holds Losses on Greece Deal; Oil Falls

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Asian stocks climbed, with Japan™s Nikkei 225 Stock Average building on a 15-year high, and gold held losses as investors await progress on Greece™s bailout extension agreed Feb. 20. Oil fell in New York.

The Nikkei 225 gained 0.8 percent by 9:20 a.m. in Tokyo, while Australia™s S&P/ASX 200 Index added 0.4 percent following a fifth straight weekly gain. Futures on the Standard & Poor™s 500 Index were little changed after the U.S. gauge closed at a record. The euro was little changed, while gold traded at $1,202.41 an ounce following a 0.4 percent retreat Friday. Oil in New York dropped after sliding 4.6 percent last week.

The government in Athens has until the end of Monday to complete a list of policies in return for a four-month extension of bailout funds after talks concluded late on Feb. 20. Bank of Japan Governor Haruhiko Kuroda addresses parliament after minutes of its January meeting were released. Officials in Kiev said pro-Russia rebels in Ukraine™s east continued to attack troops, while a bomb killed two people at a rally in the city of Kharkiv.

Source : Bloomberg

Japan Stocks Rise as Investors Watch Progress on Greek Debt Deal

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Japanese stocks rose, led by precision instrument makers, as investors await progress on an agreement among euro-area finance ministers on Greece™s bailout program.

The Topix advanced 0.6 percent to 1,508.76 as of 9:01 a.m. in Tokyo, on course to rise for a seventh day, its longest winning streak since early December. All but three of its 33 industry groups gained. The Nikkei 225 jumped 0.9 percent to 18,487.61, on course for its highest close since April 2000.

After talks in Brussels between officials from the 19 euro members concluded late on Feb. 20 with an agreement to extend bailout funds for four months, the government in Athens now has until the end of Monday to complete a list of policies in return for the continued funding. Finance chiefs will then decide whether the proposals go far enough or trigger another round of emergency negotiations this week.

Futures on the Standard & Poor™s 500 Index were little changed after the underlying gauge added 0.6 percent to a record close on Feb. 20 in New York on optimism about the Greek deal.

The Greek reform measures are still subject to validation by the International Monetary Fund, the European Central Bank and the European Commission, the institutions collectively known as the troika which Prime Minister Alexis Tsipras vowed not to recognize.

Bank of Japan Governor Haruhiko Kuroda is scheduled to appear in Japan™s parliament from 10:40 a.m. local time. Policymakers agree that Japan™s economy is gradually picking up, according to minutes of the central bank™s January meeting released today.

Source : Bloomberg

Euro Holds Gains After Greece Reaches Deal on Bailout Program

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The euro held gains against the dollar after Greece reached a deal on extending its bailout program, tempering speculation the nation will exit the currency region.

The 19-nation single currency erased a 0.8 percent decline on Feb. 20 after euro-area finance ministers reached an agreement that would keep bailout funds flowing to Greece for another four months. Options traders are willing to pay the most in a month to guard against losses in the euro with Greece having until the end of Monday to complete a list of policies in return for the continued funding.

The euro fetched $1.1385 at 8:49 a.m. in Tokyo, compared with $1.1381 on Friday, when it gained 0.1 percent. It advanced as much as 0.3 percent on Monday. Against its Japanese counterpart, the shared currency was little changed at 135.56 yen, after rising 0.2 percent at the end of last week.

The premium on one-week contracts to sell the euro versus the dollar, over those to buy, touched 1.65 percentage points, the most since Jan. 19, according to 25-delta risk-reversal data compiled by Bloomberg.

Source : Bloomberg

Gold Drops Below $1,200 as Optimism on Greece Cuts Haven Demand

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Gold futures fell below $1,200 an ounce as Greece and European finance ministers reached an accord on a bailout extension, eroding demand for the precious metal as a haven.

The metal posted the fourth straight weekly decline, the longest slump since early October. On Wednesday, the price touched 1,197.20, the lowest since Jan. 5, partly on signs of declining demand in China. Earlier Friday, gold climbed as much as 0.6 percent after Malta™s finance chief said a German-led bloc is willing to let Greece leave the euro.

Gold futures for April delivery dropped 0.2 percent to settle at $1,204.90 at 1:49 p.m. on the Comex in New York. After the close, the price touched $1,197.70.

This year, the metal has climbed 1.8 percent as Greek turmoil spurred currency volatility.  Tension in the region also signaled sluggish economic growth, boosting the appeal of gold as a store of value.

Source: Bloomberg

S&P 500, Dow Jump to Records After Deal on Greek Aid Extension

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U.S. stocks rose, sending benchmark indexes to records, after European officials reached a deal to extend Greece™s aid for four months.

The Standard & Poor™s 500 Index climbed 0.6 percent to a record 2,110.14 at 4 p.m. in New York. The Dow Jones Industrial Average climbed 153.90 points, or 0.9 percent, to 18,139.67, also an all-time high. The Russell 2000 Index reached a record, and the Nasdaq Composite Index rallied 0.6 percent, up for an eighth straight day to its highest level since March 2000.

This is the first time the Dow has closed at a record this year. It™s been 56 days since the Dow™s last all-time high, reached on Dec. 26. When the S&P 500 reached its first record of 2015 last week, it had been 46 days since the previous one.

The Dow climbed to closing records on 38 days in 2014, and on 52 occasions in 2013 as the index recovered from the financial crisis to top its previous high from October 2007 for the first time.

The S&P 500 is up 0.6 percent for the holiday-shortened week after reaching a record reached Feb. 17. It has gained 2.5 percent this year, trailing all but three of the 24 developed markets tracked by Bloomberg.

Source : Bloomberg