Global stocks mixed as market focus shifts to rates

A currency trader works in the foreign exchange dealing room of the Korea Exchange Bank headquarters in Seoul, South Korea, on July 20, 2015.

AP Photo/Lee Jin-man

BEIJING - Asian stocks were mixed and Europe rose Monday as investors put Greece's debt crisis behind them to focus on the outlook for interest rates, corporate earnings and China's economy.

In early trading, France's CAC-40 rose 0.5 percent to 5,151.91 and Germany's DAX added 0.4 percent to 11,720.11. Britain's FTSE 100 gained 0.4 percent to 6,798.53. Wall Street looked set for gains: Both Dow and S&P 500 futures were up 0.1 percent.

Greece's debt deal cleared a hurdle Friday when German lawmakers approved a third bailout plan. The European Union said it would get Athens enough money for it to keep making its debt payments. Greek Banks were scheduled to re-open Monday, though it was unclear whether capital controls would remain in place.

Plunging stock markets appear to have stabilized at least temporarily following government intervention. On Friday, the Shanghai index gained 1.5 percent. Analysts say it is unclear, though, whether the market will hold up once restrictions on selling are lifted. "The question is whether this tentative stability will be followed by a rebound or another leg of economic weakness and, potentially, market distress," said Citigroup in a report.

"With the Grexit risk now behind them, the macro focus for investors will turn to the outlook for interest rates, the state of China's economy and the upcoming reporting season," said CMC chief market analyst Ric Spooner in a commentary. "Recent statements by Bank of England Governor Carney indicate that the Fed won't be the only major central bank lifting rates in 2016."

The Shanghai Composite Index gained 0.9 percent to 3,992.11 and Sydney's S&P/ASX 200 added 0.3 percent to 5,686.90. Singapore and New Zealand also rose. Tokyo was closed for a holiday. Seoul's Kospi declined 0.2 percent to 2,073.31 and India's Sensex gave up 0.4 percent to 28,351.01. Taiwan, Bangkok and Manila also fell. Hong Kong's Hang Seng was little changed at 25,404.81.

Benchmark U.S. crude rose 19 cents to $51.08 per barrel in electronic trading on the New York Mercantile Exchange. In the previous session, the contract declined 2 cents to close at $50.89. Brent crude, used to price international oils, added 3 cents to $57.13 in London after adding 18 cents to $57.10 in the previous session.

The dollar edged up to 124.27 yen from Friday's 124.06 yen. The euro edged up to $1.0857 from $1.0829.