Asian stocks rose after three weeks of losses in global equity markets sent valuations to the lowest levels in more than two years, metals gained and credit risk declined. The Australian and New Zealand dollars strengthened, while the yen and Swiss franc weakened, Bloomberg reports.
The MSCI Asia Pacific Index gained 1.7 percent at 2:09 p.m. in Tokyo, snapping a two-day loss, and copper climbed 1 percent. Futures on the Standard & Poor’s 500 Index advanced 0.6 percent, while those on the Euro Stoxx 50 gained 1.2 percent. The cost of insuring bonds in Asia against non-payment fell. The yen lost 0.3 percent to 76.87 per dollar, retreating from near a postwar high, while the franc fell versus the euro for a third day.
Global markets are stabilizing after a week of record swings in U.S. stocks that was sparked by S&P’s downgrade of its credit rating for the world’s largest economy. Japan said today that its gross domestic product shrank less than economists estimated in the second quarter, a sign of recovery from the March 11 earthquake and tsunami that caused a nuclear accident. Finance Minister Yoshihiko Noda warned yesterday that he’s ready to intervene to stem yen gains that pose a risk to exports….
Check out http://www.bloomberg.com/news/2011-08-15/asian-stocks-rebound-from-3-week-retreat-as-metals-gain-yen-franc-weaken.html
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