Japanese government bond futures retreated, pulling away from last week's five-year highs, after U.S. Treasuries slid on tentative hopes the world's top economy would weather the credit crisis. Financial stocks, from Seoul's Kookmin Bank, to Australia's Babcock & Brown, rang up big gains after JP Morgan Chase & Co's sweetened offer for Bear Stearns signaled there was more value in financial assets than previously thought.
MSCI's index of shares outside Asia rose 1.9 percent by 0150 GMT, the third day of gains, although the benchmark is still down around 16 percent this year. Japan's Nikkei index ended the morning 1.3 percent better as Canon Inc and other exporters climbed as the yen traded well below a near 13-year high posted last week against the dollar, easing some concern about earnings outlooks. Seoul's KOSPI added 1.1 percent, Australia's S&P/ASX 200 rose 3 percent, and Singapore's Straits Times climbed 1.9 percent.
In the currency markets, the dollar crept up to 100.76 yen, holding near the previous session's highs hit after data showed that sales of existing U.S. home sales rose in February for the first time since July. The dollar had plunged to as low as 95.77 yen last week, its lowest since 1995, amid the Federal Reserve's aggressive efforts to ease the credit crisis.
Oil fell more than $1 to below $100 a barrel, extending a 10 percent fall from last week's record, sent down by a buildup in U.S. crude stocks, concerns over slower energy demand and a recovering dollar. Gold dropped and held near its lowest in a month, with its appeal as a hedge against inflation weakened by a firming U.S. dollar and sliding crude oil prices. Gold fell to $920.40/921.20 an ounce, and was within sight of last week's one-month low of $904.65 an ounce.
Source: Reuters
No comments:
Post a Comment