Market Report - Banks Lift Asia

WONG:
Asian markets were up today as regional banks surged, while fears about the health of U.S. lenders eased.

A G20 finance officials meeting in London over the weekend promised monetary help to emerging economies. This week markets are waiting to hear the results of Federal Reserve and Bank of Japan meetings.

The Bank of Japan is considering the purchase of banks' debt to boost their finances.

Shares of Pioneer soared after reports it is trying to partner with other firms in car navigation. The company is cutting 10,000 jobs and is getting out of the TV business.

Taiwan's key share index rose to a 4-month high, as local media report that the government wants to boost its financial rescue fund to over $29 billion.

Australian banks gained, but declines in energy-linked firms muted the Sydney benchmark's overall gain.

Oil prices slumped after OPEC decided to enforce strict output compliance rather than cutting production further.

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News & Politics

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