Asian stocks rose, with the regional benchmark index climbing from a three-month low, as investors watched developments in Greece’s debt crisis.
The MSCI Asia Pacific Index rose 0.1 percent to 145.16 as of 9:01 a.m. in Tokyo after closing Monday at the lowest since March 17. The gauge is on course to fall 4.1 percent this month and 0.8 percent for the quarter. The Standard & Poor’s 500 Index sank 2.1 percent on Monday, while the Stoxx Europe 600 Index dropped 2.7 percent.
Greece plunged into financial turmoil as Prime Minister Alexis Tsipras decided to put creditors’ demands to a referendum. After the nation imposed capital controls and shut its banks, the focus Tuesday shifts to whether it will default, with $ 1.7 billion due to the International Monetary Fund. As 12,000 people gathered in Athens’ Syntagma Square with banners that read “our lives do not belong to the creditors,” Tsipras struck a defiant tone, saying European leaders don’t have the nerve to kick Greece out of the euro.
Markets will be looking to the European Central Bank for measures to contain the crisis, Mohamed El-Erian, chief economic adviser at Allianz SE and a Bloomberg View columnist, said in an interview from New York.