By Raymond Chatlani

On Monday, Asian equities slipped and the US Dollar rose, with investors positioning their portfolios ahead of a Greek vote on unpopular fiscal austerity measures this week and a gauge of U.S. factory activity that is expected to show slowing growth. European and US stocks recovered some of last week's losses in early trading after encouraging signs about Europe's debt crisis overshadowed weak data about spending by American consumers. Markets rose as French banks agreed to accept slower repayment of Greece's debt although US consumer spending was unchanged in May, the Commerce Department said which was the worst result since September 2009. And when adjusted for inflation, spending actually dropped 0.1 percent.

On Tuesday, Asian stocks rose and the euro held its gains on Tuesday as investors cheered an agreement by French banks to roll over Greek debt, a move that could lessen the chance of a disorderly default by the nation at the heart of Europe's debt crisis. European and US stockmarkets rose as the Greek budget passed along with enough votes for the austerity measures to be accepted so that Greece will receive the first tranche of further financial aid.

On Wednesday, global markets all rose when Greece passed an austerity plan to avoid a sovereign debt default. Commodities also rallied for a second day, as the dollar fell after Greece cleared a critical hurdle to its debt bailout although protesters are still causing chaos in Athens.

On Thursday, Asian markets all rose for a third day on Greece's austerity measures. European shares rose for a fourth day as Greece edged closer to securing funds needed to avoid default. US stockmarkets rose on data showing that factory activity in the U.S. Midwest accelerated in June.

On Friday, Asian equities edged higher, getting a lift as fears of an imminent default by Greece receded and on encouraging data from the U.S. overnight. The markets appear to have taken weaker-than-expected China data in their stride. China's factory sector grew at its slowest pace in 28 months in June as new orders expanded less quickly, with weaker global demand and tight monetary policy at home pinching production.The official purchasing managers' index (PMI), designed to provide a snapshot of conditions in China's vast manufacturing sector, fell to 50.9 in June, below expectations for a reading of 51.3 and down from 52 in May, the China Federation of Logistics and Purchasing said on Friday. Europeanand US markets rose following a report that manufacturing rebounded in June. The Institute for Supply Management's manufacturing index rose to 55.3 from 53.5 in May.

This morning, Asian stocks climbed and the euro inched higher after policymakers approved an emergency tranche of funding for Greece, offering a lifeline to the debt-stricken nation while strong U.S. data also boosted demand for risky assets. Euro zone finance ministers on Saturday approved a 12 billion euro instalment of Greece's bailout and said details of a second aid package for Athens would be finalised by mid-September.

Last week global markets rose significantly on the back of the Greek government's victory on Wednesday in the critical vote on a new set of austerity packages which marks at the very least a lull in a crisis that has seen investors turn to the safety of government bonds in recent weeks. Investors were calmed after fears of an immediate Greek bankruptcy and had a higher appetite for risk. Commodities also rose except for gold and silver which fell slightly.
There is hope that for final six months of 2011 will be very positive for stockmarkets and commodities. Investors enthusiasm also got a lift on Friday from an unexpected expansion in American manufacturing.