Asian stocks (MXAP) advanced for the first time in four days, U.S. equity-index futures climbed and the euro strengthened against the dollar and yen amid speculation the International Monetary Fund will help Italy after the nation’s borrowing costs surged.
The MSCI Asia Pacific Index climbed 1.3 percent as of 9:10 a.m. in Tokyo and Standard & Poor’s 500 Index futures jumped 1.8 percent, signaling the U.S. stock gauge may end a seven-day losing streak. The euro climbed 0.5 percent to $1.3310 and rose 0.4 percent to 103.27 yen. New Zealand’s dollar rose against all 16 major peers after Prime Minister John Key was re-elected with his party’s biggest mandate in 60 years. Oil rallied 1.4 percent to $98.10 a barrel in New York.
About $4.7 trillion has been wiped out from global equity values this month as concern Europe’s crisis will spread spurred a surge in Italian borrowing costs. The IMF is preparing a 600 billion euro ($794 billion) loan for Italy in case the debt burden worsens, La Stampa reported, without saying where it got the information. U.S. retail sales during Thanksgiving climbed 16 percent to a record, said the National Retail Federation.
“This is just one more bullet that’s added to the arsenal for solutions on the European crisis,” John Vail, chief global strategist and head ofasset allocation at Nikko Asset Management, said in a Bloomberg Television interview from Tokyo. “There’s a lot of good things going on that’s not recognized by the market right now. It’s not all bad news out there.”
Almost nine shares increased for every one that declined on MSCI’s Asia Pacific Index. Japan’s Nikkei 225 Stock Average climbed 1.4 percent, Australia’s S&P/ASX 200 Index gained 1.8 percent, and South Korea’s Kospi Index advanced 1.8 percent.
S&P 500 futures expiring in December signal the equity index may rebound from a seven-day, 7.9 percent slump. Retail sales totaled $52.4 billion during the holiday weekend and the average shopper spent $398.62, up from $365.34 a year earlier, the Washington-based National Retail Federation said yesterday, citing a survey conducted by BIGresearch.
The IMF loan would giveItaly’s Prime MinisterMario Monti12 to 18 months to implement his reforms without having to refinance the country’s existing debt, La Stampa reported. Monti could draw on the money if his planned austerity measures fail to stop speculation on Italian debt, La Stampa said.
(source: Bloomberg)
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28/11/2011 09:06:54 AM | 