Asian Stocks Rise Amid Greece Hopes

HONG KONG: Asian stock markets rose Wednesday amid growing hopes of a solution to Greece’s financial crisis.

Major markets added less than 1 percent as the region extended its gains for a fourth straight day. The dollar was lower against the yen and the euro, while oil prices were little changed.

Worries about Greece’s ability to stabilize its finances have eased in recent days amid speculation European leaders will orchestrate a bailout and the government will take needed steps to reduce its mountain of debt.

Greece’s prime minister is set to announce deeper spending cuts later Wednesday. If the measures are tough enough, that could pave the way for a lifeline when Greek and German leaders meet on Friday, analysts said.

Further helping sentiment were overnight gains in the U.S., where stocks rose a third day amid renewed confidence that business leaders expect the economic recovery to stick.

In Japan, the Nikkei 225 stock average edged up 15.63 points, or 0.2 percent, to 10,237.47.

South Korea’s Kospi was up 0.2 percent at 1,618.86 and Hong Kong’s Hang Seng was little changed at 20,911.97.

Elsewhere, Australia’s market rose 0.7 percent, lifted by news the country’s economy expanded quickly last quarter. Indian stocks added 0.7 percent and Shanghai’s market was 0.4 percent higher.

In currencies, the dollar fell to 88.68 yen from 88.80 yen. The euro strengthened to $1.3647 from 1.3615.

Benchmark crude for April delivery was up 3 cents to $79.71 a barrel in Asia. The contract rose 98 cents to settle at $79.68 on Tuesday.

In the U.S. Tuesday, the Dow rose 2.19, or less than 0.1 percent, to 10,405.98. It is up 85 points in three days and is at its highest level since Jan. 20.

The broader Standard & Poor’s 500 index rose 2.60, or 0.2 percent, to 1,118.31, and the Nasdaq rose 7.22, or 0.3 percent, to 2,280.79.