Asian stocks snapped a four-day rout, stemming an equities slump that eroded more than $2.4 trillion from the value of global markets. Toyota Motor Corp and BHP Billiton led gains by the region's biggest companies. |
The Morgan Stanley Capital International Asia-Pacific Index rose 1.8 per cent to 140.68 at 7:54 pm in Tokyo, the most since November 22 and its first gain since February 27, when China shares slid on concern the government would tighten investment controls. |
Japan's Nikkei 225 Stock Average jumped 1.2 per cent to 16,844.50 after losing 3.3 per cent yesterday when more than $166 billion in market value was erased from Tokyo Stock Exchange's first section. The Topix index rose 1.8 per cent. Sony Corp led gains after the yen slid against the dollar and the euro. |
Hong Kong's Hang Seng Index climbed 2.1 per cent, rebounding from its biggest points loss in five years. Other benchmarks rose except in Sri Lanka, the Philippines and Thailand, which was closed yesterday. Toyota rose 3.5 per cent to 7,720 yen. The world's second-biggest carmaker lost 11 per cent in the previous four days. |
The global equities slump hasn't had any "fundamental impact'' on the outlook for the world economy, John Lipsky, the International Monetary Fund's second-ranking official, said in a March 2 interview. "Growth continues, in the major economies and around the world, to look very solid.'' |
US |
US stock and index futures surged, as markets rallied in Asia and Europe and investors said a global equities sell-off makes shares a better buy than bonds. |
Standard & Poor's 500 Index futures expiring in March gained 16.50 to 1388.70 as of 11:42 am in London. Dow Jones Industrial Average futures climbed 112 to 12,148. Nasdaq-100 Index futures advanced 20.50 to 1734.25. |
The US stock market's worst slide in four years continued for a third day yesterday on concern that bank earnings growth will diminish as defaults increase. |
Europe |
European stocks rose for the first time in six days, snapping a sell-off that erased more than $2.4 trillion from the value of global markets. |
The Stoxx 600 added 0.9 per cent to 359.46 at 11:42 am in London. The Stoxx 50 also rose 0.9 per cent as did the Euro Stoxx 50, a measure for the 13 nations sharing the euro. |
In the previous five days, the Stoxx 600 shed 6.7 per cent, sending equities last week to their biggest retreat since March 2003. |
The Morgan Stanley Capital International Asia-Pacific Index rose 1.8 per cent, the most since November 22 and its first gain since February 27 when the rout started. |
National benchmarks advanced in all 18 western European market. France's CAC 40 added 1 per cent, the UK's FTSE 100 increased 0.9 per cent, and Germany's DAX climbed 0.7 per cent. |
Xstrata climbed 4.5 per cent to 2,435 pence. Net income advanced to $1.95 billion last year on a consolidated basis from $1.71 billion a year earlier. Sales more than doubled to $17.6 billion as metal prices gained and it bought Canada's Falconbridge. |
Novartis advanced 3.7 per cent to 69.35 Swiss francs, the most since October 2005, after saying its Tekturna drug won approval from the Food and Drug Administration. Analysts say the medicine may bring in revenue of at least $1 billion a year. |