As news of a breakthrough in Greece’s debt talks was subdued across the global markets on Friday, most of the markets in Asia had shut down for the Lunar New Year holidays.
In terms of share, France lost 0.6 percent (CAC 40) to about 4,802.48. Similarly, Germany’s DAX dropped at 10,998.21 and that of Britain’s FTSE increased by 0.2 percent at 6,905.28. Meanwhile, the U.S. shares were set to drop down 0.1 percent and 0.2 percent.
Greece was set out for a bailout. It is hesitating at accepting certain budget cuts for the expected demands it is asked to make so far. However, the opposition remained stiff from the lead lender Germany. Germany insisted that it sees no way the loans could be extended without any budget conditions.
Greece is now inclining to an added round of debate on debt crisis. Greece is in its six-month extension phase to its rescue loans.
This type of agreement will need more compromises from both the sides said strategists in a note to investors.
Nikkei 225, Japan’s benchmark increased 0.4 percent to almost close at 18,332.30. This created an upbeat mood in the market, marking a closure at almost 15-year high. Japan has been encouraging the grant on the policies such as the cheap yen.
On the other hand, Toyota increased 1.0 percent. Canon by 0.4 percent and Softbank gained 0.3 percent.
Australia’s ASX/S&P sloped down 0.4 percent to 5,881.50. Many other regional markets were shut for the holidays.
The U.S. crude oil also added 27 cents to $51.43 in electronics on the NY Mercantile Exchange. The American currency fell to 118.55 yen from a value of 119.04 yen in the previous session. This happened while the euro declined to $1.1284 from a value of $1.1368.