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Asia stocks up amid faith in recovery; Europe flat
Published in Saudi Press Agency on 07 - 10 - 2009

Asian stock markets and oil prices extended their advance Wednesday amid renewed faith a
recovery in the global economy was sustainable. European
shares were little changed, according to AP.
Major benchmarks in Asia were about 1 percent higher or
more, while the dollar continued its downward spiral
against the yen and euro.
Investors poured money into riskier assets like stocks and
commodities throughout the region, as Tuesday's news that
Australia was the first major country to raise interest
rates since the onset of the financial crisis continued to
bolster confidence in the world economy. It was a signal
that policymakers believe the country's economy is strong
enough to withstand higher borrowing costs, and fueled
optimism that other economies were in better than shape
than expected.
«It provided a psychological boost to the market as a
seal of approval on the global recovery story,» Dariusz
Kowalczyk, chief Investment strategist for SJS Markets in
Hong Kong, wrote in a note.
At the same time, he said Australia's decision was
somewhat surprising coming just weeks after the leaders of
the Group of 20 major countries agreed to continue with
government spending programs and low interest rates to
nurture a global rebound.
While no developed country would follow in Australia's
footsteps anytime soon, South Korea, where the economy has
held up relatively well and the central bank has already
said it might raise rates in response to rising asset
prices, could be next, he said. The Bank of Korea next
reviews interest rates Friday.
In Europe, Britain's FTSE 100 was flat, Germany's DAX
added 0.1 percent and France's CAC-40 inched up 0.1
percent.
In Asia, Japan's Nikkei 225 stock average gained 107.80
points, or 1.1 percent, to 9,799.60, and Hong Kong's Hang
Seng advanced 430.06 points, or 2.1 percent, to 21,241.59.
Australia's index jumped 2.3 percent and Singapore's index
gained 0.9 percent. Taiwan's benchmark was up 1 percent.
South Korea's market closed flat. Mainland China markets
are closed for a weeklong holiday and reopen Friday.


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