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Market Update

Asian Markets Advance; Shrug off Weak Data

Asian markets advanced Monday on optimism after Greece won parliamentary approval for austerity measures required to secure fresh bailout funds, with Tokyo shrugging off reports of more-than-expected drop in GDP even as Shanghai recovered initial losses in banking and property stocks.
 
The Nikkei was up 0.7% as of 12:53 pm in Tokyo. The Shanghai Composite gained 0.4% while the Hang Seng added 0.7%. The Sensex gained 0.2% and the S&P/ASX All Ordinaries advanced 0.9%.

China's stocks were hit in early trading after a central bank report showed January figures for new loans dropped below market expectations at 738.1 billion yuan, witnessing a year-on-year decline of 288.2 billion yuan. Property stocks were also trading lower after home subsidy policies announced in Wuhu, an eastern city in China, were put on hold. Earlier this month, officials had announced a waiver of deed tax and subsidy on some home purchases in the city.