The MSCI Asia Pacific Index gained 1.4 percent to 120.82 at 12:10 p.m. in Tokyo, and Standard & Poor's 500 Index futures added 1.2 percent. The 17-nation euro climbed 0.4 percent to $1.3961 and rose 0.2 percent to 106.19 yen. Treasuries erased earlier gains, while the cost of insuring Asia-Pacific debt from default dropped. Copper, zinc and nickel jumped more than 1.5 percent in London and crude climbed 1.7 percent in New York
French President Nicolas Sarkozy said the euro region's bailout fund will be leveraged by four to five times, and investors have agreed to a voluntary writedown of 50 percent on Greek debt. Sarkozy is due to speak to Chinese leader Hu Jintao today and said he'd welcome support from the Asian nation in the bailout effort.
"It is a breakthrough," Patrick Bennett, a Hong Kong- based strategist at Canadian Imperial Bank of Commerce, said in a Bloomberg Television interview. "We've got an apparent agreement on a haircut of Greek debt, a recapitalization of banks, and some leverage of the fund so it was the best that we could have got."
About seven shares gained for every two that declined on the MSCI's Asian index, which was poised for its highest close since Sept. 8. Japan's Nikkei 225 Stock Average added 0.5 percent, South Korea's Kospi Index climbed 1.2 percent and Hong Kong's Hang Seng Index advanced 1.5 percent. Trading on the Australian stock exchange was halted by a technical problem. For the latest updates on the stock market, visit Stock Market Today For the latest updates PRESS CTR + D or visit Stock Market news Today
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