Asian markets rise on Greece confidence

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Asian markets rise on Greece confidence

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Investors were also looking ahead to a Federal Open Market Committee meeting.

13 March,2012 09:51 am

Asian markets rose on Tuesday with traders expecting the final go-ahead for Greeces second bailout soon, while they also had their eyes on key central bank meetings in Japan and the United States.Tokyo added 0.93 percent by the break, Hong Kong gained 1.30 percent, Sydney rose 1.30 percent, Shanghai was up 0.14 percent and Seoul was 1.20 percent higher.German Finance Minister Wolfgang Schaeuble lifted spirits when he said on Monday that the remainder of a multi-billion-euro package of loans from eurozone governments under a second Greek bailout will be signed off this week.Theres no more doubt, he told reporters in Brussels. The second aid programme will be signed this week.Schaeubles comments came after Greece late last week secured a debt write-down from its private investors, which slashed more than 100 billion euros from its huge debt mountain.Investors were also looking ahead to a Federal Open Market Committee meeting later in the global day following a string of upbeat data that indicates the recovery in the US economy is gaining traction.After the vast improvement we have seen in US economic data recently, some analysts feel we could see a significant shift in the Feds stance on easing, Justin Harper, market strategist at IG Markets Singapore said in a note.As a result, the meeting has the potential to be a key event for markets this week, he said, according to Dow Jones Newswires.However, he added that battling this rising tide of optimism are lingering concerns about eurozone and Chinese economies.Markets will also be looking to Tokyo on Wednesday, when the Japanese central bank will complete a rates meeting. The last time the rate-setting board met it decided to pump 10 trillion yen ($130 billion) more cash into the economy.The euro bought $1.3182 and 108.35 yen in early Asian trade, compared with $1.3147 and 108.22 yen in New York late Monday. The dollar was at 82.20 yen compared with 82.32 yen.On oil markets New Yorks main contract, West Texas Intermediate crude for delivery in April, gained 37 cents to $106.71 per barrel while Brent North Sea crude for April settlement was up 32 cents at $125.66.Gold was at $1,704.30 an ounce at 0210 GMT, compared with $1,704.50 late Monday.