Asia shares pressured by weak China, doubts persist on Greece

Reuters: Asian shares and the euro were tentatively higher on Tuesday on hopes that Greece’s conditional bailout agreement would bring to an end that country’s debt crisis, though caution kept broad gains in check.

Meanwhile, oil prices skidded as the market awaited an announcement on a nuclear deal between Iran and six global powers that could lead to an easing of sanctions against Tehran and a resumption of its oil exports into an oversupplied market.

MSCI’s broadest index of Asia-Pacific shares outside Japan was up about 0.1%, off earlier highs as Chinese shares slumped.

Shanghai’s benchmark composite index was down 0.6%, while the CSI300 index of the largest listed companies in Shanghai and Shenzhen slipped 0.9%. China stocks had risen for the past three sessions, which raised investors’ hopes that Beijing’s recent stabilisation steps had worked to stem a massive correction.