Greece’s private creditors have until 8 p.m. GMT (3 p.m. EST) today to take a debt swapping deal that will allow the country to write off $130 billion dollars in debt. Markets across Europe and Asia rallied amid optimism that Greece will successfully secure the deal and avoid default.
The euro rose 0.62% to $1.3227 and the British pound appreciated 0.30% to $1.5788.
Toyota (TM, quote) is recalling 681,500 vehicles for silicon grease leaks that may cause starting problems and defective steering wheels that may deactivate the driver’s airbag. After besting GM as the world’s No. 1 automaker, Toyota recently fell behind GM and Volkswagen to the No. 3 spot. Shares of Toyota rose 2.62%, while Honda stock appreciated 2.02%.
Meanwhile, Seoul’s KOSPI (EWY, quote) got a bump of 0.94%. Samsung has filed a lawsuit against Apple in South Korea alleging the iPhone 4S and iPad 2 infringe on three of Samsung’s patents. Over the past year, the rivals have extended their legal battles to 10 countries as they seek dominance in the in the mobile device market. Shares of Samsung climbed 0.68%, while LG stock rallied 3.89%.
The Chinese yuan climbed 0.09% to 6.3154 to the dollar, while the Japanese yen appreciated 0.56% to 81.53 against the greenback.