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Market Report – Asia Banks Jump

Asian markets jumped today, ahead of a possible European Central Bank rate cut. Regional investors are expecting to see the central bank cut rates to a record low of one percent. Results of the US bank stress test also come today, and the Treasury Department has said none of the 19 banks are at risk of insolvency. Japan’s Nikkei rallied after a 3-session holiday to a 6-month high, led by soaring financials like Mitsubishi UFJ. Sumitomo Mitsui rose sharply after it said it will buy Citigroup’s Japan brokerage for $5.9 billion. Seoul shares hit a 7-month high led by Korea Exchange Bank, which surged after a report that Korea Development Bank was considering buying the lender. And a surprise rise in Australian employment helped lift Sydney stocks, while News Corp gained after chairman Rupert Murdoch said the worst effects of the recession are behind the media company.


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One Response to "Market Report – Asia Banks Jump"

  1. newsreporterusa says:
    they are already insolvent along with the US….just print more money more money more money….the Fed is like a willy wonka factory…what goes on in there?

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