SINGAPORE -- Asian stocks were mixed on Monday with stocks in Japan buoyed by the yen's weakness against the euro, while shares in Thailand fell to a four-week low after violence erupted in Bangkok over the weekend.
Japan's Nikkei 225 was up 1.1%, Australia's S&P/ASX 200 was up 0.7%, South Korea's Kospi Composite was down 0.9%, China's Shanghai Composite index was 0.6% lower, dc contactorHong Kong's Hang Seng Index was up 0.2% and India's Sensex was 0.3% lower.
Thailand's SET benchmark index fell 3.5% to 762.41 but was off its early four-week low of 755.41.
Dow Jones Industrial Average futures were 37 points higher in screen trade.
News the European Union had agreed Sunday to details of a rescue package if the Greek government needed one was helping risk appetite, and fueling gains in Tokyo.
"One factor (Greece) limiting gains in the Tokyo market is gone. Investors are chasing the market higher," said Masumi Yamamoto, market analyst at Daiwa Securities Capital Markets.
Japanese exporters were doing particularly well as the Greek news shredderlifted the euro against the yen. That could raise earnings for companies exporting to Europe. Canon was up 1.2%, Nikon gained 1.1% and Mazda added 1.5%.
Dentsu was up 3.8% after it raised its earnings forecast for the fiscal year ending March. It now expects net profit of 27.5 billion yen, compared with a 24.6 billion yen forecast earlier.
Thai stocks were sharply lower after violent clashes between the military and antigovernment protesters in Bangkok over the weekend left over 20 people dead and hundreds injured.
"Markets may have underestimated thebinding machine resolve and staying power of the "Red Shirt" opposition group," said Stuart Winchester, senior portfolio manager at RCM Asia Pacific. He noted that Thai equities have rallied more than 15% since the end of February and nearly 12% since the protests started in Bangkok on March 12.
"While the potential for a dissolution of the existing government looks increasingly more possible" investors should note that the recent stock market decline follows significant gains. "As such, while political risks may be higher, we do not view the current market decline, in itself, as a signal of impending political collapse," Mr. Winchester said.
In Australia,buy telescope BHP Billiton was up 1.1% and Rio Tinto was up 1.7%. MacArthur Coal surged 6.7%, even though it denied reports that it had received a takeover offer from Xstrata.
Declines in exporters and technology stocks were offsetting gains in banks and airline stocks in Korea, leading the market lower on concerns that the strong Korean won would hurt earnings.
But "the stock market will likely remain resilient this week, backed by expectations that major U.S. firms like Intel could release strong results and the DJIA could breach above 11,300, to pre-Lehman debacle levels," said Bae Sung-young at Hyundai Securities. He also noted that the Bank of Korea's upward revision of the country's 2010 GDP growth forecast to 5.2% from 4.6% had "a positive effect of easing worries over the potential of a double-dip in the global economy."
Korean Air was up 0.6%, Asiana Airlines surged 5.9% while Samsung Electronics slipped 2.9% and Hyundai Motor lost 5.1%.
Elsewhere, Taiwan's Taiex was up 0.2%, best binocularsSingapore's Straits Times Index fell 0.2%, Malaysia's Kuala Lumpur Composite Index was 0.5% higher, Indonesia shares were 0.8% higher and Philippine shares rose 1.2%. New Zealand's NZX-50 was flat.
In foreign exchange markets, the euro was sharply higher against the U.S. dollar and the yen, after euro-zone finance ministers agreed Sunday that if heavily indebted Greece were to receive a bailout, it could get as much as 30 billion euros in loans this year at about 5% interest from fellow euro nations. The rate was well below the 7% on Greek sovereign debt last week.
The announcement raised hopes that the Greek government could avoid defaulting on its debt.spotting scope The euro was at $1.3659, compared with $1.3495 in late New York trade Thursday, and at 127.15 yen, compared with 125.64 yen. The U.S. dollar was at 93.07 yen from 93.20 yen.
Asian currencies were broadly up against the greenback: The U.S. dollar fell against the New Taiwan dollar and was last at NT$31.499 from NT$31.615 in late trade on Friday. The dollar fell to its lowest level for 2010 against the Korean won at 1,111.8 won and was last 1,114.00 won from 1,118.2China binoculars won late Friday in Seoul.
The dollar slid its lowest level in more than two years against the Indonesian rupiah and was last 8,993 rupiah from 9,030 rupiah late Friday.
Japanese government bonds were lower with stocks in Tokyo pushing higher. The key June JGB futures contract was down 0.19 at 138.21 points while the yield on the 10-year cash bond was up 1.5 basis point at 1.395%.
Spot gold was at $1,165.10 per troy ounce,compact binoculars up $3.70 from late New York trade Friday.
May Nymex crude oil futures were up 53 cents at $85.45 per barrel.
