People stand in the rain in front of the electronic stock board of a securities firm in Tokyo, Monday, Nov. 26, 2012. Asian stock markets posted slight gains Monday after the unofficial start of the holiday shopping season in the U.S. topped expectations, offsetting concerns about Greece's financial crisis. (AP Photo/Koji Sasahara)
Monday, November 26, 2012 9:56 pm
Asia stocks up after deal over Greek debt reached
By PAMELA SAMPSONAP Business Writer
Finance ministers of the 17 countries that use the euro and representatives of the International Monetary Fund reached an agreement late Monday that will enable Athens to receive (EURO)34.4 billion ($40.8 billion) immediately and three additional payments in early 2013.
Greece has endured five years of recession and a 25 percent unemployment rate. It has been locked out of the international long-term debt market by exceptionally high interest rates demanded for its bonds since 2010, and has been relying on funds from rescue loans by other euro countries and the IMF.
Japan's Nikkei 225 index rose 0.4 percent to 9,424.91. South Korea's Kospi rose 1 percent to 1,927.59. Hong Kong's Hang Seng added 0.3 percent to 21,935.92. Australia's S&P/ASX 200 gained 0.7 percent to 4,454.40.
Wall Street stocks were mixed on the first full day of trading after the Thanksgiving holiday, with no resolution on the immediate horizon to the "fiscal cliff" of automatic tax increases and steep spending cuts that take effect in January unless President Barack Obama and Congress reach a budget agreement.
The Dow Jones industrial average fell 0.3 percent to close at 12,967.37. The Standard & Poor's 500 index fell 0.2 percent to 1,406.29. The Nasdaq composite rose 0.3 percent to 2,976.78.
Benchmark oil for January delivery was up 25 cents to $87.99 per barrel in electronic trading on the New York Mercantile Exchange. The contract fell 54 cents to close at $87.74 on the Nymex on Monday.
In currencies, the euro rose to $1.2985 from $1.2963 late Monday in New York. The dollar fell to 81.97 yen from 82.18 yen.