MARKETS
0
Asian Markets Surge As Dollar Comes Back
Greenback back above 100 yen; best day in a month in Tokyo
By Jason Farago
|
Posted Mar 19, 08 3:53 AM CDT
|
Share
(Newser)
–
Stocks in Asia had their best day in a month as investors reacted to the Fed's 75-point rate cut and a top Chinese company announced higher-than-expected earnings. The Nikkei climbed 2.5%, with financial stocks leading gains, reports Bloomberg. Companies with substantial business in America also did well—Canon jumped 6.3%, Nintendo 5%—as the dollar made its biggest gain against the yen in almost a decade, pushing back above ¥100.
In Hong Kong a good quarterly report saw China Mobile, the world's most popular wireless operator, jump 3.4%. Yesterday's quarterly reports by Goldman Sachs and Lehman Brothers, who posted losses but nevertheless beat expectations, also emboldened the Asian financial world. "The better-than-expected bank earnings give some relief that the worst may be over," said an asset manager based in Singapore.