Date: Friday 11 Jun 2010
, better European bond markets and a slightly weaker yen.
Financial were top of investors’ shopping lists, with Mitsubishi UFJ Financial Group standing out after Japan's banking minister, a big supporter of financial regulation, announced his resignation.
There were also gains for exporters as the yen fell against the euro. Canon and Sony were better, as was Sharp after a Morgan Stanley upgrade to ‘overweight’ with increased target price.
The leading index added 162 points, or 1.7%, to 9,705.
Hong Kong was also higher, helped by Esprit. The fashion retailer, which generates a lot of its cash in Europe, rose as concerns over the European economy eased.
Leaked data from China was confirmed by officials this morning. Inflation rose to a 19-month high at 3.1% in May, although industrial production was up just 16.5% annually compared with 17.8% the month before.
Oil majors like CNOOC rose as crude prices topped $75 a barrel, sending the Hang Seng up 243, or 1.2%, to 19,876.
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