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Asia’s overnight rally feeds a better mood in Europe

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Asian markets rallied Wednesday on the back of growing optimism in Germany's economy, the euro zone's largest, and a drop in yields for Spanish debt. The gains continued a steady rise after news of the death of North Korea's leader Kim Jong Il on Monday sparked fears of regional instability.

Seoul's KOSPI ( EWY , quote ) surged 3.09%. Those gains were followed by Singaporean shares ( EWS , quote ), which rose 2.25%.

Australian stocks ( EWA , quote ), which climbed 2.02% and Japanese shares ( EWJ , quote ), which rebounded 1.48%. Chinese shares ( YAO , quote ), however, dropped 1.12%.

Likewise, markets in Europe also started the day strong as banks like BNP Paribas ( BNPQY , quote ) and UniCredit ( UNCFF , quote )made strong gains.

Shares of Olympus, the Japanese camera and medical equipment manufacturer, took a hit of 1.4% after prosecutors raided the company's Tokyo offices and the homes of former executives. The company has been engulfed in a $1.7 billion accounting fraud scandal.

Japanese exports, which fell 4.5% last month from a year earlier according to the Ministry of Finance, continue to suffer from slumping European demand.

The British pound appreciated 0.1% to $1.5675. Meanwhile, the euro rose 0.06% to $1.3087.

Asian currencies, however took a hit. China's yuan fell 0.11% to 6.3387 to the dollar. The Japanese yen, meanwhile, dipped 0.12% to 77.75 to the greenback.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.


The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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