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Asian shares mostly up after G8 meeting

Asian markets were mostly higher on Monday after last week’s huge losses, with traders taking some heart from a statement by Group of Eight leaders saying they wanted Greece to remain in the eurozone.

The euro also bounced back from four-month lows against the dollar after the weekend announcement, but comments from Chinese Premier Wen Jiabao hinting at more monetary easing failed to lift sentiment in Hong Kong.

Tokyo gained 0.26 percent, or 22.58 points, to end at 8,633.89, Sydney rose 0.67 percent, or 27.1 points, to 4,073.6 and Seoul closed 0.94 percent higher, adding 16.67 points to 1,799.13. In late trade Shanghai added 0.14 percent but Hong Kong slipped 0.49 percent.

The G8 leaders meeting at the US president’s retreat at Camp David on Saturday said they wanted Athens to stay part of the currency union and urged it stick to terms of a bailout deal.

“We agree on the importance of a strong and cohesive eurozone for global stability and recovery,” a joint communique stated. “We affirm our interest in Greece remaining in the eurozone while respecting its commitments.”

However, the talks highlighted differences on whether to pursue more belt-tightening or pro-growth measures, meaning they could not come up with an agreement on how to deal with the growing crisis.

Global markets have been sent into a spin since May 6 polls in Greece and France that saw voters overwhelmingly back anti-austerity parties.

Another election has been called for next month in Greece after several attempts to form a coalition government failed.