HONG KONG (AFP) - The euro edged up Tuesday and Asian markets rose on bargain hunting after hitting earlier lows due to news that a eurozone crisis meeting failed to reach a deal on a trillion-dollar rescue fund. Eyes had been on Brussels where finance ministers of the 16 euro member states are trying to agree funding arrangements for the bailout for struggling economies, which many fear may not be enough to prevent a financial meltdown. However, despite seven-hour negotiations on Monday they had still not finalised an agreement and said they would reconvene on Friday. The news weighed on the euro in the morning but it rose in early London trade to 1.2400 dollars from 1.2394 in New York late Monday where it had slightly rebounded from its four-year low of 1.2234. However, dealers said the European unit remained under pressure. The market simply doesnt want to buy the euro. Confidence on the euro will not be restored until the fiscal crisis in Greece and other countries is resolved, said Credit Suisse strategist Satoru Ogasawara. Hong Kong shares rose 1.17 percent, or 229.74 points, to 19,944.94, while Sydney edged up 3.5 points to 4,470.7. Tokyo added 6.88 points to 10,242.64 after it hit an 11-week low Monday, helped by a slight pick-up in the euro against the yen, which lifted exporters. The European unit edged up to 114.95 yen from 114.79 yen in New York after hitting 112.80 on Monday. Dealers are concerned that a default in Greece, which is mired in severe fiscal problems, would hit the financial system in the same way the collapse of Lehman Brothers did in 2008. They are also worried that austerity measures brought in by several under-pressure countries to rein in their debt will crush European growth. The support package cobbled together by EU governments and the IMF may have averted a near-term sovereign debt crisis, said Capital Economics in a research note. But it is conditional on massive fiscal consolidation (and structural reform) that may ultimately prove too much for the electorates of some member states in the eurozone to bear. Shanghai rallied 1.36 percent, or 34.85 points, to 2,594.78 as bargain hunters moved in following a five percent tumble Monday to its lowest level in more than a year. Dealers in China are on edge that the government will announce fresh credit-tightening moves to rein in soaring property prices and rising inflation. Gold closed at 1,215.00-1,216.00 US dollars an ounce in Hong Kong, down from Mondays close of 1,234.00-1,235.00 dollars as dealers sold the precious metal after it hit record highs last week. Oil was higher. New Yorks main contract, light sweet crude for delivery in June, added 58 cents to 70.66 dollars a barrel. The contract briefly plumbed to 69.27 in the US Monday, its lowest level since October 5, 2009. Londons Brent North Sea crude for July was up 78 cents at 75.88 dollars.