Asia Stocks Up Following Surge On Wall Street

PAMELA SAMPSON

BANGKOK (AP) — World stocks rose Wednesday as Japan's powerhouse exporters got a boost from hopes of new moves to weaken the yen while a deal appeared within reach between Greece and its creditors to cut the country's massive debt load.

Benchmark oil rose above $99 per barrel. The dollar fell against the euro but was higher against the yen.

European shares opened higher, following a rally in Asia. Britain's FTSE 100 gained 0.4 percent to 5,911.84 while Germany's DAX added 0.9 percent to 6,816.39. France's CAC-40 rose 0.4 percent to 3,425.06.

In New York, stocks were set to rise ahead of the opening bell, with Dow Jones industrial futures gaining 0.3 percent to 12,866 while S&P 500 futures added 0.2 percent to 1,347.70.

Earlier in the day, Asian stocks posted sharp gains following a retreat of the yen that was welcomed by Japan's mighty export sector. The Nikkei 225 index in Tokyo gained 1.1 percent to close at 9,015.59, its highest finish since Oct. 28.

South Korea's Kospi rose 1.1 percent to 2,003.73 and Hong Kong's Hang Seng surged 1.5 percent to 21,018.46. Australia's S&P/ASX 200 added 0.4 percent to 4,290.70.

Benchmarks in Singapore, Taiwan, Indonesia, New Zealand and India also rose. Mainland China's Shanghai Composite Index jumped 2.4 percent to 2,347.53 and the smaller Shenzhen Composite Index gained 2.8 percent to 893.82.

Greece has been kept solvent for the last two years by €110 billion ($145 billion) in international rescue loans. But the money was not enough and a second loan is urgently needed to avert bankruptcy.

International lenders, however, have refused to approve more aid unless Greece learns to live within its means and implements a strict austerity program. Without an injection of emergency money — some €130 billion ($170 billion) is on the line — Greece will likely default on bond repayments due next month.