The Asian Stocks fell before the Greek Rescue talks
The euro rise for a fourth day, copper advanced and Asian stocks pared victims after a European Union official said finance ministers have reached an agreement on a second bailout package for Greece.
The euro climbed 0.3 percent to $1.3276 as of 12:31 p.m. in Tokyo, reversing an earlier drop. Copper climbed 1.5 percent and oil traded near a nine-month high. The MSCI Asia Pacific Index (MXAP) declined 0.2 percent as airlines retreated on concern higher energy prices will reduce profits. Standard & Poor’s 500 Index futures advanced 0.5 percent. Ten-year Treasury yields rose three basis points to 2.03 percent.
European finance ministers had haggled into the night in Brussels over the terms of new loans to Greece and a possible contribution by central banks. They also bartered with bank representatives over a bond exchange meant to stave off the threat of a Greek default next month. Chinese Vice President Xi Jinping said yesterday that the global economy faces a mounting fight back as it seeks to make progress from a monetary crisis.
