Market Report - Asian Stocks Surge

WONG:
In todays market news Asian stock markets rose broadly on hopes of a U.S. plan to purge banks of toxic assets to help pull the world's largest economy out of recession.

The scheme will be unveiled later today and is intended to rid U.S. banks of up to $1 trillion in bad loans and securities.

Japan's benchmark Nikkei returned from a market holiday to hit a six-week high as bank shares outperformered, while a weaker yen helped exporters.

Mitsubishi UFJ, the country's biggest bank, jumped after it said it will cut 1,000 jobs and close 50 branches.

In South Korea, the KOSPI climbed with financials and crude refining issues leading advances, as oil prices rose towards $53 a barrel.

Category:

News & Politics

Tags:

• ntd
• market report
• asia stocks
• market
• trade
• money
• economy
• bank
• benchmark
• nikkei