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Asian shares up on Greece bailout hopes Asian shares up on Greece bailout hopes
(about 1 hour later)
Shares in Asia were trading in positive territory as investors hoped a last-minute deal for Greece could be agreed. Shares in Asia were trading higher on Wednesday as investors hoped a last-minute deal for Greece could be agreed.
Greece has missed the deadline for a €1.6bn ($1.72bn; £1.1bn) payment to the International Monetary Fund (IMF).Greece has missed the deadline for a €1.6bn ($1.72bn; £1.1bn) payment to the International Monetary Fund (IMF).
The payment was missed just hours after eurozone leaders refused to extend its bailout. But European ministers said they would discuss a fresh proposal from Greece for a new bailout programme.
But European ministers said they would discuss a fresh suggestion from Greece for a new bailout programme. In Japan, the Nikkei 225 share index was up 0.11% at 20,257.77in mid-morning trade.
In Japan, the Nikkei 225 share index was up 0.21% at 20,283.31 in early trade. In Australia the S&P/ASX 200 was up 0.65% at 5,494.30 points. South Korea's benchmark Kospi was up 0.8% at 2,090.77.
Greece is the first advanced country to fail to repay a loan to the IMF and is now formally in arrears. Greece is the first advanced country to fail to repay a loan to the IMF and is now formally in arrears - adding to fears it is at risk of leaving the euro.
There are fears that this could put Greece at risk of leaving the euro.
In Australia, the benchmark S&P/ASX 200 was up 0.47% at 5,484.60 points in early trade.
While in South Korea, the benchmark Kospi was up 0.18% at 2,077.89.
'Great unknown''Great unknown'
Market analysts Evan Lucas from IG Markets said Greece, as the first advanced economy to default on its IMF loan payments, had "crossed into the great unknown".
"It joins two other countries that are in arrears to the IMF - Sudan, which has been in arrears since 1984, and Zimbabwe, which has been in arrears since 2001," he said in a note.
But Mr Lucas said Sunday's upcoming referendum in Greece was "looming as a bigger market mover than Greece defaulting to the IMF".
Greece is set to vote in a snap referendum on Sunday over whether or not it should accept its creditors' proposals and has been warned by EU leaders that a 'no' vote would mean leaving the euro.Greece is set to vote in a snap referendum on Sunday over whether or not it should accept its creditors' proposals and has been warned by EU leaders that a 'no' vote would mean leaving the euro.
Mr Lucas said if a 'no' vote transpired on the weekend, "Monday morning trade will be worse than Monday 29 June." Analyst Evan Lucas from IG Markets said Greece had "crossed into the great unknown" adding the ballot was "looming as a bigger market mover than Greece defaulting to the IMF". He warned that if a 'no' vote transpired on the weekend, "Monday morning trade will be worse than Monday 29 June."
Japan's SonyJapan's Sony
Investors will be watching shares of Sony, which closed down 8% on Tuesday after the firm announced plans to raise billions of dollars in a sale of shares and convertible bonds. Shares in Sony recovered slightly in Wednesday trading in Japan - after heavy losses in the previous session.
Andrew Milroy of Frost and Sullivan told the BBC the share sale "was all about growing the firm's highly profitable image sensor business". They were up about 1.7% having closed down 8% on Tuesday after plans were announced to raise billions of dollars in a sale of shares and convertible bonds.
He said Sony's image sensors were in Apple iPhones and that the firm aimed to get their sensors into "other smart phones in the market". Technology expert Andrew Milroy of research firm Frost and Sullivan told the BBC the share sale "was all about growing the firm's highly profitable image sensor business".
Sony's shares were rising in early Wednesday trade in Japan. He said Sony's image sensors were in Apple iPhones and that the firm aimed to get their sensors into "other smartphones in the market".
In China Meanwhile, a fresh report from Japan's central bank showed that confidence in the country's big manufacturers had picked up in the three months to June to its highest level in a year. The closely-watched Tankan report also says optimism will keep growing - underlining the bank's view that Japan's economy is gathering momentum.
Markets are closed in Hong Kong on Wednesday for a holiday. China's factories
The benchmark Shanghai Composite opened lower and was down 1% in early trade at 4,234.47 points. Meanwhile, official data from China showed that activity in the country's large factories had remained flat in June from the month earlier.
The index traded erratically for much of Tuesday, falling as low as 5% at one point, but eventually closing up 5.5%. The official factory purchasing manager's index (PMI) registered 50.2 in June and in May. A reading above 50 indicates an expansion in activity, while a reading below 50 indicates a contraction.
It also saw a volatile day of trade on Monday, when shares fell more than 7% at one point, despite a surprise rate cut by the central bank on Saturday. A private survey by HSBC, however, which measures activity in China's smaller factories, showed PMI was 49.4 in June compared to 49.2 in May.
The benchmark Shanghai Composite was up 0.5% in mid-morning trade at 4,299.51 points after several sessions of volatile trade.
Markets are closed in Hong Kong on Wednesday for a public holiday to mark the anniversary of the handover of the territory to China.