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Asian markets open week up following euro agreement in Brussels

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Asian stocks rallied on Monday following news on Friday that European leaders had struck an accord to move towards greater fiscal union.

The gains, however, were tempered by investor concerns that the agreement among 26 of the European Union's 27 member states may not be enough to stop the debt crisis from spreading. British Prime Minister David Cameron refused to allow his country to participate in the deal.

Chinese shares ( YAO , quote ) closed up 0.93%, South Korean shares ( EWY , quote ) were up 1.18%, Singaporean shares ( EWS , quote ) were up 1.34%, Australian stocks ( EWA , quote ) were up 1.62% and Japanese shares ( EWJ , quote ) were up 2.29%.

Scandal-hit Olympus continued its ascent, with stocks jumping 7.8%, their highest increase in six weeks. The company said it would file its July-September earnings by Wednesday, a step necessary to stay listed.

Still reeling from massive floods in Thailand, Toyota shares dipped 0.7 percent after the company cut its annual profit projections by more than half.

South Korean electronics manufacturers also showed growth, with shares of Samsung and LG up 2.9 and 4.5 percent, respectively.

Despite the optimistic news from Europe, the euro dropped 0.87% to $1.3264 against the dollar, while the British pound fell 0.15% to $1.5628 by Monday morning.

China's yuan dipped 0.06% to 6.3604 against the dollar.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.


The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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