Market Report- Asia Cheered

Financial and exporter shares led Asian markets higher after reassuring remarks by Federal Reserve Chairman Ben Bernanke that the U.S. government did not want to nationalize banks. President Barack Obama also talked about plans to jump-start the U.S. economy.

South Korea said it would pump $13 billion into its commercial banks to strengthen their capital base, while Japanese shares were helped by reports the government may start directly buying stocks to ease the strain on banks' equity portfolios.

Japanese exporters rose on the yen's dip to a three month low against the dollar. Last month Japan logged its largest trade deficit ever, while exports halved.

Japan's No.2 Honda jumped after saying it planned to produce more Insight
hybrid cars starting in April.

Consumer giant Panasonic looks to double sales in Europe in five years, hoping environmentally-conscious European consumers will pay a premium for its energy-efficient washing machines and refrigerators.

Beleaguered Citigroup said it may sell its Japanese investment bank along with its Japanese brokerage.

And the Chinese Communist Party is trying to consolidate its fragmented car industry. It is chosen four auto makiing groups to lead mergers-- SAIC, FAW, Dongfeng and Changan.

Category:

News & Politics

Tags:

• ntd
• market report
• asia shares
• money
• trade
• economy
• business
• stock
• oil
• inpex