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Greek vote boosts Asia stocks but Europe muted

Reported by SeattlePI.com on Monday, 18 June 2012 (on June 18, 2012)

Greek vote boosts Asia stocks but Europe muted
Associated Press
Copyright 2012 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed. ext

Updated 02:13 a.m., Monday, June 18, 2012

BANGKOK (AP) — Asian stocks rose Monday after elections in Greece eased fears of global financial turmoil, but the euphoria wore thin as European markets opened — a reminder that the crisis shaking the 17 nations that use the euro was far from over. Global markets were reacting to the narrow victory by Greek conservatives who favor upholding an austerity program that their recession-mired country entered into in exchange for a financial bailout from international lenders. If a party that opposes the bailout had won the election, financial analysts worried that stock markets would fall worldwide. Measures included deep spending cuts on everything from health care to education and infrastructure as well as tax hikes and cuts in salaries and pensions. Overall, the Greek election result, while welcome, does not imply that the Greek people are embracing the tough reforms tied to the bailout package. Japanese vehicle makers and electronics companies soared on hopes that Europe, a huge export market, would avoid deepening economic turbulence. [...] stock market operator Hong Kong Exchanges and Clearing Ltd. fell 4.5 percent as investors worried a $2.2 billion bid announced last week for the London Metal Exchange was too high.

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