China index rebounds

GLOBAL MARKETS

Asian stocks rallied to a record after the US Federal Reserve predicted growth will pick up in the world's biggest economy.

Sony Corp and Samsung Electronics Co paced gains among exporters. China's CSI 300 Index rebounded after a slide yesterday that wiped out $161 billion of market value.

The Morgan Stanley Capital International Asia-Pacific Index rose 1.3 per cent to 150.30 at 7:01 p.m. in Tokyo, recovering from a 0.5 per cent drop yesterday. The measure has gained 2.8 per cent this month, set for a record close.

The CSI 300 added 1.1 per cent after slumping in morning trade. The index tumbled 6.8 per cent yesterday after authorities tripled the tax on securities transactions to cool a boom in share trading. Japan's Nikkei 225 Stock Average advanced 1.6 per cent to 17,875.75, its highest since February 27.

Hyundai Heavy Industries Co. led South Korea's Kospi index 2.3 per cent higher on booming ship orders. Only Taiwan's Taiex closed lower among the region's benchmarks. Markets in Singapore, Thailand and Sri Lanka are shut for public holidays.

Europe

European stocks rallied, sending the Dow Jones Stoxx 600 Index to the highest since September 2000, after E.ON AG said it will buy back $9.4 billion in shares and Belgian billionaire Albert Frere bought a stake in Iberdrola SA.

ASML Holding NV climbed the most in six weeks on plans to pay cash to shareholders. BHP Billiton paced a rebound in mining stocks as copper advanced and the company named a new chief executive officer.

European stocks dropped yesterday after China increased taxes on securities trades, sparking concern that global shares may face another sell-off.

The Stoxx 600 added 0.8 per cent to 396.90 at 12:18pm in London today. The Stoxx 50 increased 0.7 per cent and the Euro Stoxx 50, a measure for the 13 nations sharing the euro, gained 0.9 per cent.

US

US stock-index futures increased on speculation economic growth is picking up after reaching a low point in the first quarter.

Motorola rose in Europe after the world's second-biggest mobile-telephone maker announced job cuts. Shares of Yahoo! Inc, owner of the second-most-popular Internet search engine, climbed following an upgrade of the shares by JPMorgan Chase & Co.

Stocks rallied for a third day yesterday after the Federal Reserve said economic growth will gather pace.

Standard & Poor's 500 Index futures expiring in June gained 0.5 to 1534.7 as of 9:32am in London. Dow Jones Industrial Average futures added 13 to 13,669. Nasdaq-100 Index futures rose 3 to 1925.5.

US stocks advanced yesterday, breaking the 2000 record for the S&P 500 and bringing the Dow to its 25th peak this year.