Japanese and Australian stock futures rose as official projections showed parties that support Greece’s bailout won enough seats to control parliament, easing concern the euro currency bloc would lose one of its 17 members.

American Depositary Receipts of Canon Inc. (7751), a Japanese camera maker that depends on Europe for almost a third of its sales, advanced 1 percent on June 15. ADRs of BHP Billiton Ltd. (BHP), the world’s largest mining company, climbed 0.9 percent as investors sought shares of companies with earnings tied to economic growth. Those of Komatsu Ltd. (6301), a mining-equipment maker, gained 1.3 percent in Tokyo.

Futures on Japan’s Nikkei 225 Stock Average expiring in September gained 0.6 percent at 4 a.m. in Osaka, Japan. They were bid in the pre-market at 8,690 in Osaka at 8:05 a.m., up from the closing level of 8,560 on June 15. Futures on Australia’s S&P/ASX 200 Index advanced 0.6 percent today. New Zealand’s NZX 50 Index rose 0.1 percent in Wellington. Futures on the Standard & Poor’s 500 Index gained 0.4 percent today.

Read more at Bloomberg

Uncertainty over the fate of the euro currency is already dampening U.S. economic growth and any significant worsening of the crisis would deal a blow to a recovery that is gradually gathering steam.

Economists estimate that volatile markets and business uncertainty over the fate of Greece and the policy course in Europe is already shaving anywhere from one tenth to one half a percentage pointfrom U.S. 2012 gross domestic product growth.

In a Reuters poll last week, U.S. GDP was forecast on average at 2.3 percent for 2012 and 2.4 percent for 2013.

The direct hit to growth comes through trade. U.S. exports to the European Union account for 19 percent of total exports, and those to the euro zone represent 13 percent of the total. But when calculated in terms of GDP, the share is tiny - only 1.3 percent of total output.

Read more at Yahoo Finance

Moody’s just downgraded Greece’s sovereign debt rating to C from Ca.  This puts the debt-laden country’s rating deeper into junk status.

“Today’s rating decision was prompted by the recently announced debt exchange proposals for Greece, which imply expected losses to investors in excess of 70%, which is consistent with Moody’s criteria for a C rating,” wrote Moody’s.

This follows S&P’s February 27 downgrade of Greece to “selective default.

SINGAPORE: Brent crude futures rose on Monday to above $121 a barrel, the highest in eight months, as Iran cut supply to Britain and France, while a policy easing by China and hopes for a Greek bailout also supported prices. 

OPEC’s second largest producer Iran ordered a halt to its oil sales to Britain and France on Sunday, retaliating against tightening EU sanctions as its ties with the West remained strained over its controversial nuclear programme. 

Brent crude hit a session high of $121.15 per barrel, a level not seen since mid-June last year. It stood at $121.14 by 0054 GMT, up $1.56. 

U.S. crude for March delivery rose $1.73 to $104.97 a barrel, after earlier rising to $105.21 a barrel, the highest since May last year. 

Investors’ appetite for riskier assets rose after China’s central bank on Saturday cut required reserve ratio of banks, boosting lending capacity by more than $50 billion and supporting demand outlook for commodities from the world’s second largest economy. 

Read more at The Economic Times

Trust Tuesday to bring a market turnaround.

The second day of the week, by Chicago lore one which reverses price trends set on a Monday, did its work in early deals, in part thanks to doubts over Greece’s debt deal.

Eurozone finance ministers will at a meeting today discuss the smallprint of Greek austerity measures proposed in return for a E130bn bailout package, and whether these cuts can and will be delivered.

Also, the ratings agencies, never far from the headlines these days, put their stamp on the day with downgrades by Moody’s to its ratings on six European countries, including Italy, and threats to cut ratings on three further states, Austria, France and the UK.

Their ratings outlooks were cut to “negative”, making a future downgrade a strong possibility.

Read more at Agrimoney

February may be the shortest month, but proved on Friday that it can be anything but sweet.

The impact of China’s weak import data on sentiment was assuaged a little, at least on agricultural commodity markets, when the US revealed that it had sold two cargoes of soybeans to the country.

Demand from the top buyer of the oilseed was still alive.

And, indeed soybeans for March managed a positive close, up 0.1% at $12.29 a bushel.

Cotton, of which China is also the main importer, did too, as talk of mills and merchants out there still willing to buy at the right price saw the benchmark March lot fall only briefly below 90 cents a pound only to recoil to finish at 90.61 cents a pound, up 0.3%.

Read more at Agrimoney