Although expectations were high that Greece would be able to secure the much-needed lifeline and avoid defaulting on its debt, the drawn out process kept market watchers on their guard.
"While an agreement looks likely to be signed in the coming days, this may now well be priced into the markets with a bout of 'buy on the rumour, sell on the fact' mentality taking hold," Justin Harper, head of research at IG Markets said in a note.
"Overnight chatter on Greece was encouraging, but we've learnt to wait for the facts, rather than buy the rumors too aggressively," said Sydney-based BBY senior institutional trader Peter Copeland.
Japan's Nikkei Stock Average added 0.3%, Australia's S&P/ASX 200 rose 0.4%, South Korea's Kospi Composite gained 0.2% and New Zealand's NZX-50 rose 0.6%.
Dow Jones Industrial Average futures were up 54 points in screen trade.
Resource plays continued to benefit following Saturday's reserve requirement ratio cut in China. Rio Tinto rose 0.5%, Fortescue Metals Group gained 0.4%, and OZ Minerals advanced 1.7% in Sydney. In Tokyo, Sumitomo Metal Mining added 0.3%, while Korea Zinc gained 1.6% in Seoul.
OneSteel skyrocketed 13.7% in Sydney despite swinging to a net loss in the first half as the results met expectations and investors anticipated a stronger second half. Downer rose 5.4% after the firm swung to a net profit for the first half and confirmed its full year profit guidance.
Major exporters were mixed in Tokyo despite the Japanese yen's recent weakness. Kyocera and Fanuc both dropped 0.7% and Sony slipped 0.3%, while Canon and Toshiba both added 0.3%.
In foreign exchange markets the euro was slightly lower against the U.S. dollar as the eurozone finance ministers meeting in Brussels continued to drag on longer than expected, adding to worries that a Greek bailout could be further delayed.
"While several points of contention remain, European officials appear to be edging towards agreement. The question is whether the euro has room to rally further. We suspect that a deal has been increasingly priced in and the room for further appreciation is set to be limited in the short term," Credit Agricole said in a note to clients.
The single currency was at $1.3221 against the dollar, from $1.3240 late Monday in New York, and at ¥105.38 against the yen, from ¥105.44. The dollar was at ¥79.70, from ¥79.64.
Spot gold was at $1,733.00 per troy ounce, down $1.10 from its New York settlement on Monday.
March Nymex crude oil futures were at $104.66 per barrel on Globex, up $1.42 from Friday's settlement.
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