A roundup of trading on major world markets:
NEW YORK – Wall Street markets were closed for the Presidents’ Day public holiday.
LONDON – Markets on Monday rose on hopes that Greece will finally secure a massive but long-delayed international bailout, allowing the debt-crippled country to avoid defaulting on its debts next month.
A surprise easing in monetary policy in China over the weekend also added to the buoyant mood in markets on Monday – many stock indexes are trading at multi-month highs, while the euro has recovered its poise.
After some eurozone countries suggested last week that they might prefer Greece to default, the latest comments indicate the ministers will approve the 130-billion-euro ($A160 billion) bailout.
In Europe, the FTSE 100 index of leading British shares closed 0.7 per cent higher at 5,945.25 while Germany’s DAX rose 1.5 per cent to 6,948.25. The CAC-40 in France rose 1.0 per cent to 3,472.54.
The euro was 0.4 per cent higher at $US1.3257.
HONG KONG – Most Asian markets closed higher, driven by a Chinese move at the weekend to loosen lending and hopes that debt-ridden Greece’s bailout will at last be finalised.
Monday’s gains came after China’s central bank said on Saturday it would cut commercial banks’ reserve requirement ratio by 0.5 percentage point to ease restrictions on lending and boost slowing economic growth.
Hong Kong closed down 0.31 per cent or 66.83 points to 21,424.79, after standing at more than 21,700 earlier.
At one point the Shanghai Composite Index, which covers both A and B shares, had been up more than one per cent, but it closed up 0.27 per cent, or 6.42 points, at 2,363.60.
Tokyo shrugged off a record monthly trade deficit of Y1.475 trillion ($A17.22 billion) to close with the Nikkei 225 up 1.08 per cent or 100.92 points at 9,485.09.
On currency markets, the euro was at $1.3215 and 105.01 yen, up from $1.3148 and Y104.54 late on Friday in New York.
The dollar was at Y79.47 from Y79.17.
WELLINGTON – The NZX 50 rose 26.56 points, or 0.8 per cent, to 3315.57. Within the index, 32 stocks rose, eight fell and 10 were unchanged.
Turnover was $NZ47.8 million ($A37.46 million), with a US public holiday on Monday likely to have dampened demand.
