Market Report - Asia Banks Up

Asian financial shares surged today, helping to lead regional benchmarks higher after nearly two weeks of losses.

Sumitomo Mitsui Financial and Mizuho followed U.S. peers with gains, while other Asian banks rose from Sydney to Seoul.

Japanese automakers like Nissan shot up. It comes after a Nikkei newspaper report saying brisk Chinese demand is propping up earnings amid a steep sales slump elsewhere.

The Nikkei said Nissan will increase output capacity 20 percent in China to meet demand.

Also in China, beermaker Tsingtao says it expects up to a 70 percent rise in first-half profit from $55 million last year, on the back of cost cutting measures.

Australian resource-linked firms BHP Billiton and Rio Tinto gained on a recovery in commodity prices.

Separately, Australia urged China to make haste in dealing with the detention of a senior Rio executive on suspicion of spying.

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News & Politics

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