Asian stock markets are trading higher on Monday following news that Cyprus and its international creditors have reached a bailout deal that puts an end to over a week-long uncertainty over the fate of the Mediterranean Island.
Cyprus and international creditors agreed on a bailout deal late Sunday, clearing the way for the release of 10 billion euros in aid and eliminating the risk of the nation's bankruptcy. The plan includes closure of Cyprus' second largest bank Laiki or the Cyprus Popular Bank.
The Australian stock market is trading firm on Monday. Financial, industrial, mining, consumer discretionary and property trust stocks are trading higher, while energy and healthcare stocks are mixed.
The benchmark S&P/ASX 200 index, which rose to 5,023.2, is currently trading at 5,001.5, up 34.2 points or 0.7 percent from its previous close. The broader All Ordinaries index is up 32.6 points or 0.7 percent at 5,013.4, around 20 points off the day's high of 5,033.1.
Leighton Holdings is trading higher by over 4.5 percent and Fortescue Metals is up 3.5 percent. Westfield Trust, ALS, Macquarie Group, James Hardie Industries, Crown and Downer EDI are up 1.8 to 2.6 percent.
Flight Centre, AMP, Bluescope Steel and Transurban Group are trading higher by over 1.percent. Boral and Challenger are also up with notable gains.
Meanwhile, Carsales.com, Treasury Wine Estates and Alumina (AWC) are trading in negative territory, losing 1.2 to 1.6 percent.
In the currency market, the Australian dollar opened marginally higher against the U.S. dollar. In early trades, the Aussie was quoting at US$1.0438, up from Friday's close of US$1.0426.
The Japanese stock market opened higher on Monday, with a weakening yen triggering some strong buying in early trades.
The benchmark Nikkei 225 index is currently up 175.2 points or 1.4 percent at 12,513.7.
Automobile, bank, insurance, foods, non-ferrous metals, chemicals, pulp & paper and construction stocks are mostly up with strong gains. Rubber, marine transport and mining stocks are trading mixed.
Furukawa Co. shares are up 18 percent following the company raising its dividend forecast. Takashimaya and Marui Group are up 5.7 percent and 5.3 percent, respectively.
Yaskawa Electric Corp., Tokyo Tatemono, Nichirei Corp., Toyota Tsusho Corp., Tokyu Land, Kubota Corp., Fast Retailing, Dainippon Screen Manufacturing and Nippon Meat Packers are up 3 to 4 percent.
Aeon, Sumitomo Realty & Development, Takara Holdings, Advantest Corp. (ATE), J Front Retailing, Nomura Holdings, Credit Saison, TDK Corp., Seven & I Holdings, Casio Computer, Toyo Seikan Kaisha and JX Holdings are trading higher by 2 to 3 percent.
West Japan Railway, Taiyo Yuden, Hitachi Construction Machinery, Fujifilm Holdings, Mitsubishi Estate, Fuji Heavy Industries, Trend Micro and Komatsu are also up with strong gains.
Among the losers, Nippon Yusen KK, Nippon Suisan Kaisha, Konica Minolta Holdings and Kawasaki Kisen Kaisha are down 2 to 4 percent. Sharp Corp., Yahoo Japan, Pacific Metals and NTN Corp. are also trading notably lower.
In the currency market, the U.S. dollar traded in the upper 94 yen range in early deals in Tokyo. The yen is currently trading at 94.88 to the U.S. dollar.
Among other markets in the Asia-Pacific region, Hong Kong, Malaysia, Singapore, South Korea, Taiwan, India and Indonesia are all trading higher, while Shanghai and New Zealand are down marginally. Markets across the region had ended mostly lower on Friday.
On Wall Street, stocks ended mostly higher on Friday, with investors indulging in some buying, amid optimism about the situation in Cyprus.
The Dow ended up 90.5 points or 0.6 percent at 14,512, the Nasdaq rose 22.4 points or 0.7 percent to 3,245 and the S&P 500 climbed 11.1 points or 0.7 percent to 1,556.9.
Major European markets closed higher on Friday. While the U.K.'s FTSE 100 index inched up by 0.1 percent, the German DAX index and the French CAC 40 index ended higher by 0.3 percent and 0.1 percent, respectively.
U.S. crude oil rebounded to end sharply higher on Friday, tracking rising global equity markets and a declining greenback. Crude for May delivery moved up $1.26 or 1.4 percent to close at $93.71 a barrel on the New York Mercantile Exchange.
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