Asia stocks mixed as Greece deadline looms

Tokyo - Asian stocks were uneven on Thursday as hopes in Europe for a Greek bailout were welcomed by some regional markets and a cheap yen kept the upswing in Tokyo shares going.

Japan's benchmark Nikkei 225 rose 0.7% to 20 609.28 points; the index is up nearly 10% in the past three months as exporter stocks benefit from a cheap yen. Australia's S&P/ASX 200 edged down 0.4% to 5 702.10 while South Korea's Kospi gained 0.7% to 2 121.66 points.

Hong Kong's Hang Seng lost 1.1% to 27 769.95 points and the Shanghai Composite dropped 0.9% to 4 898.90 points.

Southeast Asian markets fell while Taiwan and New Zealand rose.

Greece factor

Greece might miss a debt payment on June 5 if it fails to receive bailout funds from creditors, who are demanding that the country make reforms to its economy. It is still unclear whether an agreement can be reached in time, but European shares got a lift from players counting on a deal being reached.

"With the situation in Greece rapidly coming to a head and election results showing disenchantment with the status quo and the establishment across the continent, the pressure to reach a solution on Greece has grown rapidly," said Nicholas Teo, analyst with CMC in Singapore, in a market commentary.

"Developments on this front may continue to drive trading action in the coming days."

In US markets the Dow Jones industrial average rose 121.45 points to 18 162.99. It had fallen 190 points on Tuesday. The Standard & Poor's 500 rose 19.28 points to 2 123.48 and the Nasdaq composite rose 73.84 points to 5 106.59.

In energy markets the benchmark US crude added 31 cents to $57.82 a barrel in electronic trading on the New York Mercantile Exchange. The contract fell 52 cents to settle at $57.51 a barrel in Nymex floor trading on Wednesday. Brent crude, a benchmark for international oils, rose 47 cents to $62.53 a barrel in London.

Meanwhile the euro was little changed at $1.0908 from $1.0899 in the previous trading session. The dollar continued to be strong, rising to ¥124.01 from ¥123.75.