The Greek government has approved a new wave of austerity measures despite massive protest. Politicians were in hiding, protected by heavily armed law enforcement, as they passed the most sweeping and daring austerity package since the beginning of the European debt crisis. Euro-zone lawmakers were adamant that the latest round of cuts be implemented prior to the delivery of the 130 billion Euro bailout fund. European leaders’ approval is likely to result in a deal with private debt holders. While an agreement with existing bond holders is critical for Greece, it is inevitable that not all of them will agree with the restructuring plan that is being offered.

Japan stocks on the rise

The stock market in the Japan is on the rise this morning in response to the government approved austerity package that has been passed in Greece. The Nikkei 225 was up earlier in Asian trading by 0.6 percent to 8,999.18. The Hang Seng in Hong Kong and the Asutralia S&P are up as well. European markets are heading south in the early European trading session, with both the DAX and FTSE 100 on the decline. The DAX is down rather sharply by 1.41% at the time of this writing.   

Busy economic calendar tomorrow

While today’s economic calendar will be rather quiet, tomorrow is a different story. In Japan, a press conference will be held by the Bank of Japan, along with the Overnight Call Rate and the Monetary Policy Statement. Elsewhere, the German ZEW Economics Sentiment will take place, along with Inflation Letter from the Bank of England. In America, the Core Retail Sales and the Retail Sales reports will be made available. Wednesday will be busy as well, especially in the UK, where the Governor of the Bank of England is scheduled to speak to the public about the Inflation Report.

Oil near 100 USD per barrel

Crude oil is on the rise this morning inching towards 100 USD per barrel, currently trading at 99.92. Oil futures are on the rise after the successful vote in the Greek parliament regarding the new austerity measures. Gold is following the trend of oil, up 0.40% and trading at 1732.15. Gold was down earlier in Asian trading, as investors, once again buoyed by the appearance of European stability, began to buy Euros. Silver on the rise by 0.83% this morning and trading at 33.883.