You're reading: Asia stocks up as Greece clears bailout hurdle

Asian markets moved higher Friday after debt-strapped Greece gave final approval to a set of harsh austerity measures required before it receives the next installment of emergency loans.

Oil prices dipped below $95 per barrel, while the dollar strengthened against the euro but slipped against the yen.

Japan’s Nikkei 225 index rose 0.5 percent to 9,862.85 after the Bank of Japan’s quarterly survey of business sentiment indicated that the outlook among large manufacturers would rise over the next quarter, adding to evidence that the world’s No. 3 economy is likely to recover toward the end of the year.

An earthquake and tsunami on March 11 hit Japan’s economy hard, wiping out wide swaths of the northeast coast, damaging factories and creating a nuclear-plant emergency that Japan is still struggling to address.

South Korea’s Kospi index jumped 1 percent to 2,122.35. Benchmark indexes in Singapore, Taiwan and Indonesia were also higher, while Australia’s S&P ASX 200 lost 0.5 percent to 4,585.80.

Markets in Hong Kong were closed for a public holiday.

The gains came after Greek lawmakers passed a cost-cutting bill that had to be approved before international lenders would release $17 billion in rescue funds to Greece. The country needs the money to avoid defaulting on its debt. A default by Greece could disrupt financial markets and lead to a widespread European financial crisis.

On Wall Street, traders were also reassured by encouraging signals about the U.S. economy. A trade group reported that manufacturing in Chicago sped up unexpectedly in June. Analysts had forecast a decline.

The Dow rose 1.3 percent to 12,414.34. The S&P 500 added 1 percent to 1,320.64. The Nasdaq composite gained 1.2 percent to 2,773.52.

Benchmark crude for August delivery dropped 61 cents to $94.81 on the New York Mercantile Exchange. The contract settled at $95.42 per barrel Thursday on the Nymex.

In currencies, the euro dipped to $1.4496 from $1.4521 late Thursday in New York. The dollar weakened to 80.69 yen from 80.58 yen.