WELLINGTON, March 24 (Reuters) - Asian shares are set to
surge on Tuesday, with financial stocks to be among the leaders,
as the U.S. government's plan to absorb toxic debts met with
investor approval.
The Treasury Department said it would offer incentives for private investors help rid banks of up to $1 trillion of bad debts, raising hopes of a revival in bank lending.
Wall Street gained at least 6.8 percent on the news, with bank such as Citigroup and Bank of America Corp gaining at least 20 percent.
Adding to the buoyant mood, data showed an unexpected rise in U.S. existing home sales in February. China also helped boost confidence by promising to keep buying U.S. government debt.
Japanese shares are set open strongly, with Nikkei futures last trading in Chicago at 8,480 points, 230 points above the last traded level in Osaka.
The U.S. dollar and yen both fell, as the safe-haven appeal of both currencies was diminished with the U.S. bank plan.
Crude oil rose to a three-month high above $54, while commodity prices generally firmed on the Wall St rally.
HEADLINES: > U.S. woos investors to buy toxic assets from banks > Wall Street soars 7 pct on bank plan debut > U.S. existing home sales rose in February > Suncor to buy Petro-Canada for C$18.4 bln > Oil hits 3-month high as Wall Street rallies > China pushes IMF unit as global super-currency > Daimler outlook queried in Abu Dhabi stake deal > WTO sees postwar record 9 pct drop in world trade > ECB could cut rates, take other steps-policymakers > Fed's Lockhart-Dim outlook spurred Treasury buys
KEY INDEXES pct change
Bank of New York Asia ADR index 9.19
Dow Jones Industrial Average 6.84
Nasdaq Composite Index 6.76
MSCI Asia Pacific ex-Japan 4.47
Nikkei futures in Chicago 8.37
Nikkei futures in Osaka 0.86
ASIAN ADR ACTION:
5 most actively traded: pct change
TSMC 8.92
Siliconware 11.42
Infosys Tech 6.68
UMC 17.84
HSBC Holdings 14.41
Top 5 performers: pct change
HDFC Bank 23.42
Orix 22.94
Chalco 20.84
Alumina 18.21
Kookmin Bank 18.09
Bottom 5 performers: pct change
Genetic Tech -18.92
Hutchison Tel -3.85
Lihir Gold -0.81
Sanyo Elec 0.00
Prana Biotech 0.00
TOP ASIA EVENTS:
For more Asian company earnings, see
JAPAN - Minutes of Bank of Japan February meeting
HONG KONG - Bank of China Ltd final results
news conference
- BOC Hong Kong (Holdings) Ltd
final results
- China Telecom Corporation Ltd final
results
TAIWAN - February export orders, industrial output
(Reporting by Adrian Bathgate)
((adrian.bathgate@reuters.com; +64-4-4714233; Reuters Messaging: adrian.bathgate.reuters.com@reuters.net)) For top Asian company news, double click on: U.S. company news European company news U.S. weekly outlook European weekly outlook Forex news Global Economy news Tech/Telecoms/Media Banking news Political/General news Asia Macro data ASIA STOCK MARKETS: Pan-Asia........ Japan....... S.Korea... S.E. Asia....... Hong Kong... Taiwan.... Australia/NZ.... India....... China..... DIARIES & DATA: IPO diary/data Asia earnings diary U.S. earnings diary European diary Hong Kong diary Wall Street Week Ahead Eurostocks Week Ahead LIVE PRICES & DATA: World Stocks Asian Stocks Dow Jones/NASDAQ / Nikkei FTSE 100 Debt Currency rates Keywords: MARKETS ASIA/ (If you have a query or comment on this story, send an email to news.feedback.asia@thomsonreuters.com) COPYRIGHT Copyright Thomson Reuters 2009. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.
The Treasury Department said it would offer incentives for private investors help rid banks of up to $1 trillion of bad debts, raising hopes of a revival in bank lending.
Wall Street gained at least 6.8 percent on the news, with bank such as Citigroup and Bank of America Corp gaining at least 20 percent.
Adding to the buoyant mood, data showed an unexpected rise in U.S. existing home sales in February. China also helped boost confidence by promising to keep buying U.S. government debt.
Japanese shares are set open strongly, with Nikkei futures last trading in Chicago at 8,480 points, 230 points above the last traded level in Osaka.
The U.S. dollar and yen both fell, as the safe-haven appeal of both currencies was diminished with the U.S. bank plan.
Crude oil rose to a three-month high above $54, while commodity prices generally firmed on the Wall St rally.
HEADLINES: > U.S. woos investors to buy toxic assets from banks > Wall Street soars 7 pct on bank plan debut > U.S. existing home sales rose in February > Suncor to buy Petro-Canada for C$18.4 bln > Oil hits 3-month high as Wall Street rallies > China pushes IMF unit as global super-currency > Daimler outlook queried in Abu Dhabi stake deal > WTO sees postwar record 9 pct drop in world trade > ECB could cut rates, take other steps-policymakers > Fed's Lockhart-Dim outlook spurred Treasury buys
KEY INDEXES pct change
Bank of New York Asia ADR index 9.19
Dow Jones Industrial Average 6.84
Nasdaq Composite Index 6.76
MSCI Asia Pacific ex-Japan 4.47
Nikkei futures in Chicago 8.37
Nikkei futures in Osaka 0.86
ASIAN ADR ACTION:
5 most actively traded: pct change
TSMC 8.92
Siliconware 11.42
Infosys Tech 6.68
UMC 17.84
HSBC Holdings 14.41
Top 5 performers: pct change
HDFC Bank 23.42
Orix 22.94
Chalco 20.84
Alumina 18.21
Kookmin Bank 18.09
Bottom 5 performers: pct change
Genetic Tech -18.92
Hutchison Tel -3.85
Lihir Gold -0.81
Sanyo Elec 0.00
Prana Biotech 0.00
TOP ASIA EVENTS:
For more Asian company earnings, see
JAPAN - Minutes of Bank of Japan February meeting
HONG KONG - Bank of China Ltd final results
news conference
- BOC Hong Kong (Holdings) Ltd
final results
- China Telecom Corporation Ltd final
results
TAIWAN - February export orders, industrial output
(Reporting by Adrian Bathgate)
((adrian.bathgate@reuters.com; +64-4-4714233; Reuters Messaging: adrian.bathgate.reuters.com@reuters.net)) For top Asian company news, double click on: U.S. company news European company news U.S. weekly outlook European weekly outlook Forex news Global Economy news Tech/Telecoms/Media Banking news Political/General news Asia Macro data ASIA STOCK MARKETS: Pan-Asia........ Japan....... S.Korea... S.E. Asia....... Hong Kong... Taiwan.... Australia/NZ.... India....... China..... DIARIES & DATA: IPO diary/data Asia earnings diary U.S. earnings diary European diary Hong Kong diary Wall Street Week Ahead Eurostocks Week Ahead LIVE PRICES & DATA: World Stocks Asian Stocks Dow Jones/NASDAQ / Nikkei FTSE 100 Debt Currency rates Keywords: MARKETS ASIA/ (If you have a query or comment on this story, send an email to news.feedback.asia@thomsonreuters.com) COPYRIGHT Copyright Thomson Reuters 2009. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.