finance.yahoo.com
By Hideyuki Sano and Vidya Ranganathan
TOKYO (Reuters) - Asian stocks were firm on Tuesday after China's latest
step to prop up its faltering economy lifted global equities, while the
euro was pressured on growing worries a cash-strapped Greece may
default on its debt.
MSCI's broadest index of Asia-Pacific shares outside Japan was up 0.3
percent. It was led by a 1.5 percent rise in Hong Kong's Hang Seng index
(.HSCE), which had been on a 3-week roll driven by Chinese portfolio
investments.
Japan's Nikkei (.N225) added a percent, while Australian shares rose 0.6 percent (.AXJO).
Following Europe's solid performance on Monday, financial spreadbetters
expect Britain's FTSE 100 (.FTSE) to open around 0.1 percent lower and
France's CAC 40 (.FCHI) down 0.2 percent, while Germany's DAX (.GDAXI)
was seen opening up 0.1 percent.
China's central bank on Sunday cut the amount of cash banks must hold as
reserves in its latest attempt to spur lending and combat a slowing
economy. The news followed reports last week about a crackdown on margin
lending there, which had sent global equity markets lower on Friday.
"China's action undid the damage caused by the crackdown (on speculative
buying in Chinese stocks on Friday)," said Hirokazu Kabeya, chief
global strategist at Daiwa Securities.
"Chinese authorities seem to be worried that the stock markets are
rallying despite weak economic fundamentals... There could be more
stimulus down the road."
News that the People's Bank of China will inject billions of dollars of
capital into China Development Bank (CHDB.UL) and the Export-Import Bank
of China (EXIMC.UL) to support the government's overseas development
plans also shored up sentiment.
The China stimulus drive, coupled with strong U.S. corporate earnings,
helped to lift European and U.S. shares on Monday. The S&P 500 index
(.SPX) rose 0.9 percent.
Investors are however likely to be cautious about chasing shares higher
while there is continued uncertainty over Greece's acute funding
problems and fears it might have to exit the euro single currency.
Even after several rounds of negotiations, market participants are not
hopeful Greece will be able to present detailed plans that would satisfy
euro zone finance ministers to continue their financial support at
their meeting on Friday. That means Greece could be running out of
cash by the end of this month.
On Monday Greece ordered state entities to park idle cash at the central
bank in a scramble to pay its bills ahead of civil services salary
payments at the end of April and IMF loan payments early May.
While an unprecedented debt default in the currency bloc could open the
way for Greece to exit the euro, ECB Vice President Vitor Constancio
said on Monday that a country that defaults would not have to leave the
euro.
The euro traded at $1.0720 (EUR=), off Friday's peak of $1.0849. The
dollar (.DXY) was steady after having rallied on Monday, trading at
97.95 against a basket of currencies.
The Australian dollar (AUD=D4) fell to $0.7685, from $0.7723 early,
pulling away from a near one-month peak of $0.7844 on Monday after the
release of the minutes of the Reserve Bank of Australia's (RBA) April
policy meeting, even though they largely repeated the RBA's easing bias.
Oil prices held near their four-month high hit last week, as a report of
strong U.S. consumption and a warning from Saudi Arabia's Interior
Ministry about possible attacks on energy installations there offset
earlier comments indicating Saudi production would stay near record
levels in April. [O/R]
U.S. crude futures (CLc1) stood at $56.34 per barrel, not far from a four-month high of $57.42 hit on Thursday.
(Editing by Shri Navaratnam)
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