Asia Stocks Rise After Greece Austerity Vote

PAMELA SAMPSON

BANGKOK (AP) — World stock markets rose Monday after Greece's parliament approved a new set of austerity measures that were required by international lenders in exchange for an emergency bailout.

Benchmark crude climbed above $99 per barrel while the dollar fell against the euro but gained against the yen.

European stock markets advanced in early trading. Britain's FTSE 100 rose 0.8 percent to 5,896.01. Germany's DAX added 0.6 percent to 6,731.32 and France's CAC-40 gained 0.7 percent. Wall Street also appeared headed for a higher opening, with Dow Jones industrial futures up 0.5 percent to 12,834 and S&P 500 futures gaining 0.6 percent to 1,348.60.

Earlier in the day, Asian stocks chalked up gains after Greece took a crucial step toward fixing its debt crisis.

Japan's Nikkei 225 index jumped 0.6 percent to close at 8,999.18. Hong Kong's Hang Seng gained 0.5 percent to 20,887.40 and South Korea's Kospi added 0.6 percent to 2,005.74.

In mainland China, the benchmark Shanghai Composite Index ended virtually unchanged at 2,351.86 while the Shenzhen Composite Index gained 1 percent to 912.31. Benchmarks in Taiwan, Singapore and Indonesia also rose.

Drastic cuts in civil service jobs, minimum wages and pensions were among the measures approved by lawmakers in Greece in order to collect a second, urgently needed rescue loan for the country.

Without the $170 billion (€130 billion) financial lifeline, Greece will default on a mountain of national debt next month and likely be pressed into a disruptive exit from the euro common currency.

Investors in Asia greeted the Greek vote with relief. But Greeks, who have been struggling to cope with a 20 percent unemployment rate and five years of recession, took to the streets to protest the measures. Riots and fires continued all weekend.

Attention now shifts to a meeting Wednesday of European finance ministers, who will discuss additional bailout funds for Greece.