Asian markets
Asian shares rose Friday after euro-zone leaders Thursday struck a deal on a second bailout package for Greece, delivering a much needed shot in the arm to stocks around the region, and sending regional bank stocks and some oil plays higher. Euro-zone leaders' package for Greece amounts to EUR159 billion in aid, including official loans and contributions from the private sector and takes steps to contain the possible knock-on effects to other weak economies in the 17-nation bloc from Greece's debt burden. But enthusiasm was reined in a bit as the White House and a spokesman for House Speaker John Boehner denied Thursday reports that a U.S. budget bargain was near. The Aug. 2 deadline to strike a deal is fast approaching; if nothing gets done by then, the U.S. faces a default and a likely credit downgrade. Japan's Nikkei Stock Average tacked on 1.2%, Australia's S&P/ASX 200 added 1.1%, South Korea's Kospi rose 1.1%, Hong Kong's Hang Seng Index tacked on 1.7% and China's Shanghai Composite rose 0.5%. The Greece bailout deal boosted banks around the region as the global financial sector stands to benefit the most from a lessening of risk aversion.
Base metals
Base metals closed mixed on the London Metal Exchange Friday as early gains were scaled back by a strengthening dollar, although aluminum held its ground, closing the day firmly in positive territory. LME three-month aluminum traded 2.0% higher at $2,590 a metric ton, having earlier risen 2.2% to hit a two-week high of $2,597/ton. In contrast, copper was just $1 higher at $9,674/ton. Crude oil futures climbed for a fourth straight day Friday and settled at a fresh six-week high, on anticipation of higher prices this week if progress is made in weekend talks to raise the U.S. debt ceiling. For the second day in a row crude topped $100 a barel in intraday trading but couldn't hold triple digits at the settlement amid lingering doubts about the strength of near term oil demand in the U.S., the world's largest oil consumer. Top Treasury Department and Federal Reserve officials huddling Friday said they remain confident lawmakers will reach a deal to raise the $14.29 trillion debt ceiling by Aug. 2, even as they discussed the potential fallout if an accord can't be reached. Light, sweet crude oil for September delivery on the New York Mercantile Exchange settled 74 cents higher, at $99.87 a barrel, after hitting a high of $100.19 a barrel, the highest level since June 10. ICE September Brent settled up $1.41 at $118.67 a barrel. Gold futures rebounded above $1,600 an ounce and silver reclaimed $40 Friday as investors sought refuge ahead of the weekend, with the deadline to raise the U.S. debt limit looming. Precious metals have received a boost from the view that the dollar and U.S. government debt, both widely considered safe haven assets, might not be so safe as doubts surface about whether the U.S. will meet all its obligations to creditors. Gold for August delivery climbed $14.50, or 0.9%, to settle at $1,601.50 a troy ounce on the Comex division of the New York Mercantile Exchange. That is just short of the record settlement of $1,602.40 hit Monday.
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