InfoAnda - Asia pushes higher after Europe 'stress tests'

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Yahoo! My Yahoo! Mail More Yahoo! Services Account Options New User? Sign Up Sign In Help Yahoo! Search web search Home Singapore Asia Pacific World Business Entertainment Sports Technology Singapore Asia Pacific World Asia pushes higher after Europe 'stress tests' AFP - Monday, July 26 Send IM Story Print Asia pushes higher after Europe 'stress tests' HONG KONG (AFP) - – Asian stock markets mostly rose on Monday, finding reassurance in Europe's banking stress tests and a strong performance on Wall Street despite worries about a patchy global recovery. Tokyo ended up 0.77 percent, with exporters helped by a weaker yen and optimism about upcoming earnings results -- the Nikkei business daily reported that Sony was likely to have swung back to the black in the first quarter. The Nikkei index rose 72.70 points to 9,503.66, while the Topix index of major firms was up 0.55 percent. While many analysts questioned the credibility of Europe's banking "stress tests", which came out on Friday, investors generally took the results in their stride, leaving European markets to react later. Related article: German banks did not reveal full debt details, says report "Much of the negative news on Europe's financial and economic conditions was priced in since May so the market's focus is starting to shift away from the issue and on to earnings," Yoshinori Nagano, senior strategist at Daiwa Asset Management, told Dow Jones Newswires. Sentiment around the Asia-Pacific region was helped by last week's solid gains on Wall Street, where the Dow reached its highest levels in a month. Hong Kong's Hang Seng Index was up 0.49 percent in the afternoon, while Sydney closed up 0.62 percent, or 27.7 points, at 4,486.1. Seoul ended up 0.63 percent, or 11.01 points, at 1,769.07, buoyed by data showing that South Korea's economy grew by a faster than expected 1.5 percent in the April-June quarter from three months earlier. South Korea's central bank said growth in the nation, a star Asian economic performer in recent months, had returned to pre-crisis levels, although global uncertainties remained a concern. "The Korean economy is continuing stronger than expected growth, indicating that growth has recovered to the pre-crisis level and the local economy may have entered an expansionary phase," said senior Bank of Korea official Kim Myung-Kee. However the Shanghai Composite Index was down 0.33 percent in the afternoon after a strong performance last week, with uncertainty creeping in about whether Beijing will ease back on economic policy tightening measures. Last week encouraging company earnings propelled Wall Street, with the Dow Jones index jumping 3.2 percent over the week. However US economic statistics this week could temper optimism about the world's largest economy, including an advance estimate of second-quarter economic growth due on Friday. Much attention will be focused on what European stock markets make of last week's stress tests. The results found that of 91 European Union banks only seven -- five in Spain and one each in Germany and Greece -- were under-capitalised and unprepared to absorb a new financial crisis. Analysts were dismissive, saying examiners had set the bar too low to assess the capacity of European banks -- many of which hold bonds issued by debt-riddled governments -- to overcome fresh financial pressures. The euro edged up against other currencies in Asia, trading at 1.2910 dollars, compared with 1.2906 in New York late Friday. It temporarily hit a seven-week high of 113.49 yen before easing back to 112.98 yen in mid-afternoon trade, compared with 112.80 in New York. The dollar rose to 87.51 yen from 87.36. Oil prices extended gains, with New York's main contract, light sweet crude for delivery in September, up nine cents to 79.07 dollars a barrel, while Brent North Sea crude for September delivery rose 19 cents to 77.64 dollars. Gold opened at 1,191.40-1,192.40 US dollars an ounce in Hong Kong, down from Friday's close of 1,199.50-1,200.50 US dollars an ounce. In other markets: -- Taipei closed up 0.34 percent, or 26.23 points, at 7,787.45. Formosa Petrochemical Corp lost 1.68 percent after a blaze broke out at one of its three refining units, potentially causing tens of millions of US dollars in damage. MediaTek was up 2.13 percent. -- Wellington closed 0.87 percent, or 26.28 points, higher at 3,021.18. Investors focused on the upcoming reporting season. Telecom closed one cent higher at 1.97 dollars, Fletcher Building was 10 cents up at 7.73 and Contact Energy rose three cents to 5.69. 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