Asian stocks climbed on Thursday as investors breathed a sigh of relief after Greece moved a step closer to avoiding a default by adopting harsh austerity measures, a move that boosted the euro and sparked a broad rebound in risky assets. European shares were set for gains, with futures on the Dow Jones Eurostoxx 50 up 0.5%. As the first half of the year drew to a close, Greece's latest efforts to cut back on debt stirred hopes that it would remove some of the uncertainty hanging over markets. Worries that the US and Chinese economies are quickly slowing, on top of the fears that Greece might be headed for a messy debt restructuring, had prompted a broad pull-back in equities and commodities while boosting safe-haven bonds. Analysts at Goldman Sachs recommended that clients start adding to risk in their portfolios with the Greek crisis dissipating for now, arguing that the economic headwinds from high oil prices and Japanese supply chain disruptions were fading. "Most investors are cautious, if not outright negative, and light on risk," said Goldman strategists in a note to clients. "We have started to add pro-cyclical positions for the first time in two months. Data might disappoint a little further in the near term, but we think the risk-reward is becoming more asymmetric." The euro pushed higher for a fourth straight day after the Greek parliament passed the measure by a margin of 155 to 138, raising hopes that a second vote on implementing the laws would also make it through amid violent protests in Athens. The MSCI index of Asia-Pacific shares outside Japan was up 1.6% and set to finish the first half of the year just barely in positive territory -- showing the resilience of equities to all the worries plaguing investors. Among the regional sectors, consumer discretionary shares were the best performer so far this year, rising 10% on the back of sharp gains in South Korean automakers Hyundai Motor and Kia Motors as the two grab market share in the United States from Japanese rivals. Tech shares have fared the worst, losing 6.5% as Asia's big computer and chipmakers struggle with softening sales. Stocks also gained as market players covered short positions that had been built up heading into the Greek parliamentary votes. Short positions on Hong Kong's Hang Seng index reached their highest levels since the financial crisis in 2008 this week. Japan's broad TOPIX index was up 0.6% but down 5.5% on the year following the supply chain disruptions from the massive March 11 quake and on worries about power outages in the hotter summer weeks ahead. Gold slipped to USD 1,513.05 an ounce , while US crude oil prices rose 31 cents at USD 95.08 a barrel. As the first half of 2011 winds down, equities, commodities and bonds were set for slight gains -- giving some indication that the Federal Reserve's USD 600 billion bond buying programme has given a broad lift to asset prices. The MSCI World index is up 2.6%, while the Reuters/Jefferies CRB index of commodities is up 1.8% and major bond market indices were in positive territory. The Bank of America-Merrill Lynch US Treasury Master index has posted a year-to-date return of 2.5%

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