HONG KONG (APP) – Asian markets mostly rose Friday after European leaders and Russia agreed a plan to end Ukraine’s 10-month war, while traders were confident Greece would eventually hammer out a debt overhaul with its creditors.
The upbeat outlook for the crises provided a catalyst for an equities rally in Europe and the United States, a mantle picked up in bourses across Asia.
Hong Kong rose 0.46 percent, Shanghai added 0.50 percent and Seoul put on 0.33 percent, while Sydney rallied 1.09 percent as energy firms were boosted by a rebound in oil prices.
But Tokyo, which hit a seven-year high Thursday, slipped 0.31 percent.
After 17-hour talks the leaders of Ukraine, Russia, France and Germany on Thursday hammered out a blueprint to end the conflict between Kiev and pro-Moscow rebels.
The ceasefire is to take effect at midnight Sunday (2200 GMT on Saturday) in Ukraine and heavy weapons are to be withdrawn from frontlines.
However, while the deal was welcomed on all sides, leaders remain cautious, with German Chancellor Angela Merkel saying “I have no illusions. We have no illusions”, adding that “much work” remained.
The news pushed European stocks higher, with Frankfurt up 1.56 percent, Paris adding 1.00 percent and London 0.15 percent higher. And on Wall Street the Dow added 0.62 percent, the S&P 500 jumped 0.96 percent — both close to record highs — and the Nasdaq surged 1.18 percent to levels not seen since 2000.
