Market Report – Asia Eyes Greece

In today’s market report… Asian stocks and the euro fell on renewed concerns over Greece’s debt problems ahead of a euro zone summit. And in India, a surprise interest rate hike last week weighed on commodity currencies.

Markets gave up some of their recent gains, with weaker commodity and oil prices weighing on shares of resource companies such as BHP Billiton.

Meanwhile, Australia’s Arrow Energy Ltd agreed to a fresh takeover offer from Royal Dutch Shell and PetroChina.

The new bid, which would give China its first stake in Australia’s coal-seam gas industry, comes on the same day that China puts four employees of Rio Tinto on trial for bribery and commercial spying.

Japanese markets were closed for a public holiday.

India’s stock market opened nearly 1 percent lower after the central bank’s surprise 25-basis point rate hike on Friday, which came after local markets had closed.

A growing number of Asian central banks are tightening policy, or are expected to in coming months. It comes as inflationary pressures build along with strong economic recoveries.

Foto: NTDTV