AP Digital 03/17/2009 2:38 AM ET
Asian markets extend rally, lifted by financials
Asian stock markets extended their rally Tuesday, with Tokyo's index up more than 3 percent, as investors poured into banking shares amid easing fears about the world's hard-hit financial system.
Investors were relieved after Britain's Barclays PLC revealed it was performing well so far in 2009. That echoed similar upbeat assessments last week from U.S. heavyweights Citigroup Inc. and Bank of America Corp. that have fueled the recent rally in world equity markets.
The move higher came despite a lackluster finish Monday on Wall Street, where stocks gave up early gains and ended marginally lower after a four-day advance.
Analysts were skeptical the turnaround in Asian markets would last, saying the gains weren't justified given troubles still plaguing the region's economies and corporations amid the most severe global downturn in years.
Dariusz Kowalczyk, chief investment strategist for SJS Markets in Hong Kong, said he expected a correction this week. He said news expected this week from the U.S. Treasury Department about its bank bailout plan might lead investors to reconsider their optimism about bank balance sheets.
"This would be a good opportunity to take some profits," Kowalczyk said. "The gains we have seen so far fully take into account the positive news we've heard from Barclays and the U.S. banks."
In Tokyo, the Nikkei 225 stock average jumped 244.98 points, or 3.2 percent, to 7,949.13.
Hong Kong's Hang Seng index erased an early drop to gain 172 points, or 1.3 percent, to 13,146.79, while South Korea's Kospi surged 3.4 percent to 1,156.78.
Markets in Australia, China, Singapore, Thailand and Taiwan also rose.
Asian financials continued to post strong gains, with leading Japanese lender Mitsubishi UFJ Financial Group Inc. surging 6.3 percent. HSBC climbed 3.6 percent in Hong Kong, while Australian investment bank Macquarie Group Ltd. jumped 8.6 percent.
Overnight in New York, the Dow closed down 7.01 points, or 0.1 percent, to 7,216.97, after rising as much as 169 points during the session. The Standard & Poor's 500 index fell 2.66, or 0.4 percent.
U.S. stock index futures turned higher, suggesting Wall Street would advance at the opening Tuesday. Dow futures were up 46 points, or 0.6 percent, while S&P 500 futures were up 4.4 points, or 0.6 percent.
European markets rose strongly Monday, with Britain's FTSE 100 gaining 2.9 percent to 3,863.99 and Germany's DAX climbing 2.3 percent to 4,044.54.
Oil prices dipped. Light, sweet crude for April delivery was down 16 cents at $47.16 a barrel in Asian electronic trading on the New York Mercantile Exchange.
In currencies, the dollar rose to 98.70 yen from 98.22 yen late Monday in New York, while the euro rose to $1.2996 from $1.2969.
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An der Börse sind 2 mal 2 niemals 4, sondern 5 minus 1.
Man muß nur die Nerven haben, das minus 1 auszuhalten.
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