SMF Notes Overseas markets have a positive tone with markets across most of Asia seeing strong gains

 and European markets higher in afternoon trade. Japan's Nikkei shrugged off Moody's placing the country's local and foreign currency bond ratings on review for a possible downgrade, adding 2.0% on expectations that industrial orders will rise sharply in the coming months. Exporters were among the biggest gainers, benefitting from a weaker yen, as Canon added 1.4%. Embattled Tokyo Electric Power fell 1.3% after receiving two downgrades from S&P. Shares in Hong Kong and Shanghai added 2.2% and 1.4% respectively as commodity-related names were the biggest gainers. Today's gains in Shanghai snapped an eight-day losing streak. Energy giant PetroChina added 3.1% in Hong Kong. India's Sensex gained 1.5% despite the country's GDP slowing to 7.8% from the previous quarter's 8.3% reading. Financials led the advance with HDFC Bank climbing 3.2%. The major European indices are strong at midday (FTSE +0.8%, CAC +1.5%, DAX +1.9%) on word of a German-led bailout package in the works for Greece. Financial across the region are among the top performers with Deutsche Bank and Allianz adding close to 2.0% each in Germany, and Societe Generale and BNP Paribas adding 2.8% and 2.2% respectively in France.