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Asian shares up despite Greece missing IMF payment | |
(about 5 hours later) | |
Shares in Asia were trading higher, despite Greece missing a payment to the International Monetary Fund (IMF). | |
As expected, Greece has missed the deadline for a €1.6bn ($1.72bn; £1.1bn) payment to the IMF. | |
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 proposal from Greece for a new bailout programme. |
In Japan, the benchmark Nikkei 225 share index closed up 0.46% at 20,329.32. | |
In Australia the S&P/ASX 200 rose 1% to 5,515.70. South Korea's benchmark Kospi closed up 1.14% at 2,097.89. | |
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. | 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. |
Greece is set to vote in a 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. | |
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 Sony | Japan's Sony |
Shares in Sony steadied after heavy losses in the previous session. | |
They closed up 0.3% having fallen 8% on Tuesday after plans were announced to raise billions of dollars through a sale of shares and convertible bonds. | |
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". | 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". |
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". | 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". |
Separately, 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 said optimism would continue to improve - underlining the bank's view that Japan's economy is gathering momentum. | |
China's factories | China's factories |
An official survey from China indicated that activity in the country's large factories had continued to see modest growth in June. | |
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. | |
A private survey by HSBC, however, which measures activity in China's smaller factories, gave a PMI reading of 49.4 in June compared with 49.2 in May. | |
The benchmark Shanghai Composite was down 4.10% in mid-afternoon trade at 4,097.11 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. | Markets are closed in Hong Kong on Wednesday for a public holiday to mark the anniversary of the handover of the territory to China. |