Date: Thursday 08 Jul 2010
Last night’s 3% surge on Wall Street breathed fire into the Far East Thursday, putting distance between it and last week’s seven-month low.Traders were full of beans ahead of the earnings season after American bank State Street increased second quarter forecasts. Hopes are that will be replicated by local players.
A weaker yen also gave the Nikkei a boost. Exporters jumped on currency weakness to take the leading index up 256 points, or 2.8%, to 9,535.
Sony, Olympus, Panasonic and Tokyo Electron were all up well over 4%. Support increased as concerns over stress tests for European banks eased.
Hong Kong also booked big gains, led by oil giants CNOOC and PetroChina after oil prices snapped a six-session losing streak.The Hang Seng added over 200 points, or 1%, hitting 20,065 in late trade. HSBC leapt over 2% on the stress test news. There are also reports it will pay several billion pounds for South Africa's Nedbank.
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