Asia zooms on US outlook
STOCK REPORT
| Mitsubishi UFJ Financial Group and Hang Seng Bank climbed on expectations the US will announce measures to contain sub-prime mortgage losses after home prices fell. Samsung Electronics led gains among technology stocks after brokerages forecast increasing computer and software demand. |
| "There are expectations that the US economy will be able to ease itself into a soft landing," said Yang Jeung Won, who oversees the equivalent of $7.6 billion at Samsung Investment Trust Management in Seoul. US government measures "will stop their poor people from becoming homeless, halt the drop in property prices and help prop up spending," he said. |
| The MSCI Asia Pacific Index added 1.4 per cent to 164.72 as of 5:31 pm in Tokyo, heading for its highest close since November 7. Japan's Nikkei 225 Stock Average added 1.7 per cent. All major markets in the region advanced. |
| The Standard & Poor's 500 Index rose on Wednesday to the highest in a month after the US Labor Department said worker productivity climbed the most since 2003 in the third quarter. A report from ADP Employer Services showed companies last month added 189,000 jobs, more than triple the average forecast. |
| EUROPE European stocks advanced after Royal Bank of Scotland Group said full-year profit will beat analyst estimates and on Lehman Brothers Holdings recommending shares in UK property companies. |
| Hammerson gained after Lehman upgraded the UK owner of malls. Alitalia climbed after Air France-KLM Group said it wants to buy the Italian carrier. |
| The Dow Jones Stoxx 600 Index added 0.5 per cent to 371.54 at 8:10 am in London. The Stoxx 50 also increased 0.5 per cent, as did the Euro Stoxx 50, a measure for the euro region. |
| European stocks rallied on Wednesday for the first time this week as better-than-expected reports on US productivity and employment eased worries of a recession. |
| US US stock-index futures climbed as the Bush government prepares to announce measures on Thursday to help stem sub-prime defaults. |
| Standard & Poor's 500 Index futures expiring in December added 4.2 points to 1,491 as of 10:28 am in London. Dow Jones Industrial Average futures climbed 54 points to 13,510. Nasdaq-100 Index futures increased 10.5 points to 2,111.75. |
| President George W Bush is scheduled to make a statement on the housing industry in Washington. The Treasury and regulators have forged an agreement with lenders that will fix interest rates on some loans for five years, said people familiar with the plan. |