Asian shares have mostly risen after a multibillion-euro loan deal for Greece, but Shanghai closed near a four-year low over growing pessimism about the state of the world's second biggest economy.
Tokyo closed up 0.37 per cent, or 34.36 points, at 9,423.30, Seoul rose 0.87 per cent, or 16.69 points, to 1,925.20 while Sydney ended 0.74 per cent, or 32.6 points, higher at 4,456.8.
Hong Kong ended flat, slipping 17.78 points to 21,844.03, while Shanghai fell 1.30 per cent, or 26.29 points, to 1,991.17 - the lowest close for the index since January 23, 2009.
The International Monetary Fund (IMF) and eurozone early on Tuesday agreed to unlock 43.7 billion euros ($A54.63 billion) in loans to debt-laden Greece after talks in Brussels.
The country's public creditors agreed to take measures to bring down the country's debt-to-GDP ratio from an estimated 144 per cent to 124 per cent within eight years in exchange for loans.
Eurozone finance ministers, the IMF and the European Central Bank agreed the money would be paid in four instalments from December 13 until the end of March.
Greek Prime Minister Antonis Samaras said the agreement represented a fresh start for his beleaguered country.
"Everything has gone well," Samaras told local media in Athens. "All Greeks have fought (for this decision) and tomorrow is a new day for every Greek person."
Europe's main stock markets rose at the start of trading on Tuesday with London's benchmark FTSE 100 index up 0.37 per cent and Frankfurt's DAX 30 advancing 0.70 per cent.
But Shanghai stocks fell, with analysts saying the decline was caused by growing pessimism about the world's second-biggest economy and the absence of fresh government moves to support growth.
China remains a driver of the global economy and key to Western nations' hopes of recovery, but has been hit by a slowing of its once-spectacular growth.
Ahead of the Greek announcement, US markets were feeble in the first session after a slow Thanksgiving holiday week, with the jury still out over how strong the crucial Black Friday holiday sales were for retailers.
The Dow Jones Industrial Average finished down 42.31 points (0.33 per cent) at 12,967.37.
The broad-market S&P 500 lost 2.86 (0.20 per cent) to 1,406.29, while the Nasdaq Composite rose 9.93 (0.33 per cent) to 2,976.78.
On currency markets, the euro was stronger in Asian trade as investors breathed a sigh of relief over the Greece agreement.
The 17-nation currency bought $US1.2973 and Y106.65 in Tokyo trade after earlier briefly topping $US1.30 for the first time in about a month.
That was up from $US1.2971 and Y106.38 in New York trade late on Monday, although the euro eased slightly after the Greece announcement with investors taking profits and the focus turning towards a budgetary impasse in Washington.
The dollar gained to Y82.20 from Y81.98.
On oil markets, New York's main contract, West Texas Intermediate (WTI) for January delivery, bounced 23 US cents to $US87.97 a barrel and Brent North Sea crude, also for January, rose three US cents to $US110.95.
Gold was at $US1,748.35 at 1715 AEDT, compared with $US1,734.47 late on Monday.
In other markets:
- Taipei rose 0.31 per cent, or 22.83 points, to 7,430.20.
Taiwan Semiconductor Manufacturing Co gained 1.05 per cent to $Tw96.3 while leading smartphone maker HTC was 1.00 per cent lower at $Tw248.5.
- Wellington was flat, falling 2.42 points, at 4,009.61.
Telecom Corp was down 0.85 per cent at $NZ2.33 and Fletcher Building rose 0.13 per cent to $NZ7.98.
- Manila was up 0.13 per cent, or 7.03 points, to close at a record high of 5,586.45.
Philippine Long Distance Telephone rose 1.59 per cent to 2,550 pesos and Manila Electric Co edged up 0.08 per cent to 255.20 pesos.
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