Global Stocks Look Stronger As Finance Ministers Meet In Brussels (EWJ, EWA, EWY, FXI, EWS)

March 1, 2012 1:44pm NYSE:EWA NYSE:EWJ

Randall Mah:  Greece’s parliament has approved the last major package of reforms needed to secure a $175 billion bailout from the European Union and International Monetary Fund, but while initial reaction from European traders was positive, the mood in Asia was mixed.

Greek MPs passed a bill that cuts spending on medical drugs ahead of a meeting that euro zone finance ministers have called in Brussels to assess the country’s progress on austerity measures before the bailout is finalized.

By midday trading today, London’s FTSE was up 0.62%, the German DAX had climbed 0.66% and the French CAC 40 had appreciated 0.80%. The euro got a bump of 0.14% to $1.3343. The British pound appreciated 0.08% to $1.5929.

On the bearish side, unemployment in the euro zone has hit a record 10.7%, with 16.9 million people in the 17-country currency union out of work.

Overnight in Asia, Japan’s Nikkei (NYSEArca:EWJ) lost 0.16%.

Michael Woodford, the former Olympus CEO who was fired in October after uncovering a $1.7 billion accounting fraud, has filed a lawsuit in the United Kingdom alleging he was wrongfully dismissed because of whistleblowing and discrimination. Shares of the camera and medical equipment manufacturer dropped 2.58%.

In Australia, stocks (NYSEArca:EWA) depreciated 0.96%. Shares of miners BHP Billiton and Rio Tinto dipped 1.52% and 1.78%, respectively, hurt by a drop in copper prices.

Meanwhile, Seoul’s KOSPI (NYSEArca:EWY) got a bump of 1.33%. In Shanghai, Chinese shares (NYSEArca:FXI) slipped 0.10%, while in Singapore stocks (NYSEArca:EWS) fell 0.51%. 

The Chinese yuan appreciated 0.1% to 6.3001 to the dollar, while the Japanese yen fell 0.11% to 81.05 against the greenback.

Written By Randall Mah From Emerging Money

Emerging Money provides insightful and timely  information about the increasingly important world of Emerging Market investments. CNBC Emerging Markets Contributor Tim Seymour leads the   team of Emerging Money to bring you cutting edge global news and   analysis.

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