Asia stocks advance on Greece hopes; Nikkei up 0.7%

Forex Pros – pros – Asian stock markets were broadly higher on Tuesday, amid optimism that progress is being made to avoid an imminent Greek default.

During late Asian trade, Hong Kong's Hang Seng Index edged 0.1% higher, Australia’s ASX/200 Index climbed 0.31%, while Japan’s Nikkei 225 Index gained 0.74%.  

Concerns over Greece’s debt woes eased after French President Nicolas Sarkozy backed a plan proposed by French lenders to extend the maturity of Greek government bonds to prevent a default.

Greek Prime Minister George Papandreou urged lawmakers to obey their “patriotic conscience” and back tougher austerity measures, as they began to debate a five-year budget plan on Monday.

Greece's Parliament is due to vote Wednesday on the EUR28.4 billion, five-year austerity package, followed by a vote Thursday on implementing the legislation.

Meanwhile, shares in Japanese exporters advanced, amid a favorable outlook for export earnings.

Shares in the world’s largest maker of plasma televisions Panasonic rose 1.2%, Ricoh advanced 1.15%, while shares in Fanuc, which gets nearly 11% of its sales in Europe jumped 2.6%.

Shares in Tokyo Steel Manufacturing jumped 4% after Goldman Sachs upgraded the stock, saying the maker of construction materials will benefit as Japan rebuilds from the March earthquake and tsunami. 

The upbeat assessment boosted other shares in the sector, with Nippon Steel climbing 2% and Sumitomo Metal Industries up 1.15%.

In Hong Kong, shares in oil producers led gains as crude prices rebounded from a four-month low on the New York Mercantile Exchange. Shares in PetroChina jumped 1.55%, while shares in Sinopec rallied 2.5%.

Shares in retailer Esprit Holdings, which receives most of its revenue from Europe, jumped 2.5%.

The outlook for European stock markets was mixed. The EURO STOXX 50 futures pointed to a gain of 0.3%, France’s CAC 40 futures shed 0.1%, the FTSE 100 futures eased up 0.05%, while Germany's DAX futures indicated a modest gain of 0.1%.

Later in the day, the U.S. was to publish industry data on house price inflation as well as a report on consumer confidence.

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