2009-04-16

Encouraging news from U.S. send Asia bourse higher

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Jakarta, Financeroll.com - Asian stocks climbed, lifting the regional benchmark index to the highest in more than three months, as a U.S. Federal Reserve survey stoked optimism that the world’s largest economy is recovering. Honda Motor Co. gained 2.6 percent as almost half of the regions surveyed in the Fed’s Beige Book said the economic decline is moderating. Hitachi Ltd. rose 3.8 percent after NEC Electronics Corp., Japan’s third-biggest chipmaker, said it’s in talks to merge with Hitachi’s Renesas Technology Corp. affiliate.

The MSCI Asia Pacific Index advanced 2.1 percent 90.83 wiping out its losses for 2009.

The Beige Book gave some indication that the deterioration of the U.S. economy is easing and shows that there is some positive macroeconomic news starting to emerge.

Nikkei 225 jumped 3 percent to 9,007.92, while South Korea’s Kospi index climbed 2.8 percent and Australia’s S&P/ASX 200 Index gained 1.2 percent.

Honda rose 2.6 percent to 2,795 yen. Toyota Motor Corp.added 1.6 percent to 3,860 yen. Hitachi rose 3.8 percent to 325 yen. Mitsubishi Electric Corp. rose 4.6 percent to 526 yen.

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