Asia stocks rise on G8 comments; Nikkei up 0.27%

Investing.com - Asian stocks were mixed to higher on Monday on commitments from Group of Eight leaders to do everything possible to keep Greece in the eurozone.

Markets got another jolt from Chinese Premier Wen Jiabao, who pledged to do more to kick-start Chinese growth.

During Asian trading on Monday, Hong Kong's Hang Seng Index was down 0.36%, Australia's S&P/ASX200 was up 0.23%, while Japan’s Nikkei 225 Index was up 0.27%.

A weekend Group of Eight meeting brought together leaders of the world's most industrialized nations, who expressed support for keeping Greece in the eurozone.

Comments that debt-ridden Greece and other European nations can be restored to health not through austerity measures alone but with a balance of belt-tightening measures and policies that drive growth sent the dollar falling and appetite for stocks and other higher-yielding assets rising.

Widespread anger over the pain that austerity measures have inflicted on Greece have boosted support for leftist politicians who oppose bailout terms, and talk that wealthier nations may be willing to back off on demands for spending cuts and other measures in exchange for bailout money sent stocks rising.

Elections are slated for June 17 in Greece, and a recent failure to appoint a ruling coalition has fueled fears that Greece would rather risk exiting the euro by unilaterally scrapping austerity measures that would cut off the flow of bailout money.

Meanwhile in China, Premier Wen Jiabao expressed the need to stick with a "proactive fiscal policy and a prudent monetary policy" that prioritizes growth increased appetite for risk.

Sentiment in Japan that monetary policy authorities will weaken the yen to boost exports also buoyed stock prices.

In Hong Kong, the top decliners included Tencent, down 4.06%, Cathay Pacific Air, down 1.69%, and HSBC Holdings, down 1.60%.

In Australia, the top gainers included Alacer Gold Corp., up 6.81%, Gindalbie Metals, up 4.88%, and Gryphon Minerals, up 4.62%.

European stock futures indicated a higher opening.

France's CAC 40 futures pointed to a gain of 0.68%, while Germany's DAX 30 futures signaled a gain of 0.62%. Meanwhile, in the U.K., the FTSE 100 futures indicated a gain of 0.51%.

Dow Jones Industrial Average futures were up 0.40% while the S&P 500 futures were up 0.44%.

Later during the day, Japan is set to release its All Industries Activity Index, which measures the monthly change in overall production by all sectors of the Japanese economy and provides a glimpse into economic growth.