ANKARA
Asian stocks were higher on Monday as investors eyed a possible accord between European leaders and Greece, as well as the improvement in Chinese shares.
Japan's Nikkei rose 0.9 percent in mid-morning trade after falling 3.7 percent last week. Hong Kong's Hang Seng Index was up 0.2 percent. South Korea's Kospi gained 0.8 percent.
The euro traded lower on Monday. After touching $1.1216 on Friday in the rush of optimism, it sold off and traded as low as $1.1089 when trading resumed.
Currently, the single currency has bounced back to about 1.11 against the dollar on the good chance of a bailout deal for Greece. The Turkish lira held at about 2.67 to the dollar.
ANZ strategists, in a note on Monday, said the euro could move lower, however: "There is enough optimism to keep the euro from declining too much, but this is by no means a deal, and the euro will remain volatile this week."
The Shanghai Composite rose 1.4 percent, as investors rallied to the new measures imposed by Chinese regulators that limit the sale of shares from investors who own more than 5 percent of a company.
Futures dropped as much as 1.8 percent in New York, suggesting a drop at open for U.S. shares. Analysts said concerns about the world powers reaching a deal on Iran's nuclear program.
Oil dropped again. West Texas Intermediate for August delivery lost as much as 97 cents to $51.77 a barrel in electronic trading on the New York Mercantile Exchange and was at $51.91 a barrel at 12:25 p.m. Singapore time.
The contract fell four cents to $52.74 on Friday. The International Energy Agency had warned on Friday of an increase in oil stocks that should pressure oil prices lower.
All eyes are on the Greek parliament on Monday, which must act to pass laws demanded by the country's creditors, if the Greek bailout deal is to go through.
The eurogroup has drafted a compromise accord which requires action from the Greek parliament before July 15, if Athens’ demand for a three-year, $95 billion bailout is to be considered by European authorities.
