Will the "Son many would not mention for years" save the day !!
Enjoy this article from Bloomberg on line
"Feb. 15 (Bloomberg) -- Asia stocks rose the most in a month, the yen fell to a three-month low and metals rallied after China pledged to help resolve Europe’s debt crisis.
The MSCI Asia Pacific Index advanced 1.4 percent as of 12:43 p.m. in Tokyo, led by technology shares. Standard & Poor’s 500 Index futures added 0.6 percent. The Nikkei 225 Stock Average jumped 2.1 percent, while the yen weakened against all of its major peers. The euro climbed 0.2 percent to $1.3159. Zinc, tin, lead and copper rose at least 0.7 percent and oil increased 0.5 percent. Ten-year Treasury yields rose two basis points to 1.96 percent.
China is ready to be more involved in resolving the crisis through the European Financial Stability Facility and European Stability Mechanism, said People’s Bank of China Governor Zhou Xiaochuan in a speech, echoing comments made yesterday by Premier Wen Jiabao. The leaders of Greece’s two biggest political parties will provide written commitments to budget cuts, a government official in Athens said.
“China could make Europe’s problems go away,” said Peter Jolly, head of market research at National Australia Bank Ltd. in Sydney. “They have the funds. To the extent that China will participate in the European solution, it takes away some of the flight to quality in Treasuries.”
The Nikkei 225 is poised to close at the highest level since August. The Bank of Japan unexpectedly added 10 trillion yen ($128 billion) to an asset-purchase program yesterday and set a 1 percent goal for inflation to boost the economy.
European finance ministers canceled a Brussels meeting slated for today and will hold a teleconference instead to prod Greece to do more to clinch a 130 billion euros ($170 billion) aid package.
Elpida Plunges
Elpida Memory Inc. plunged as much as 21 percent, touching its lowest price since it listed in 2004. The Japanese chipmaker said yesterday there is “uncertainty” about its future as it hasn’t reached a deal with the trade ministry, the Development Bank of Japan and its main lenders, reversing a Feb. 2 statement that it expects to secure financing.
Samsung Electronics Co., South Korea’s biggest exporter of consumer electronics, rose 4.8 percent. Hynix Semiconductor Inc., a maker of semiconductors such as dynamic random access memory, gained 5.6 percent. Taiwan Semiconductor Manufacturing International Co., the world’s largest contract manufacturer of chips, rose 1 percent in Taipei.
“Investors appear to be betting that the possible failure of Elpida will mean less competition in the industry,” said Im Jeong Jae, a Seoul-based fund manager at Shinhan BNP Paribas Asset Management Co., which oversees about $28 billion.
Westfield Jumps
Three stocks rose for each that declined in the MSCI Asia Pacific Index. The Hang Seng China Enterprises Index of mainland companies listed in Hong Kong added 2.1 percent and South Korea’s Kospi Index climbed 0.9 percent.
Westfield Group advanced 5.4 percent in Australia. The manager of shopping centers said it formed a $4.8 billion joint venture with the Canada Pension Plan Investment Board and plans to buy back as much as 10 percent of its stock.
Data later today may show Europe’s economy shrank in the fourth quarter for the first time in 2 1/2 years as the region’s debt crisis undermined confidence. Gross domestic product in the 17-nation euro area fell 0.4 percent from the previous three months, according to the median forecast of 42 economists in a Bloomberg News survey.
To contact the reporters on this story: Lynn Thomasson in Hong Kong at lthomasson@bloomberg.net ; Yoshiaki Nohara in Tokyo at ynohara1@bloomberg.net . "
Steven Morris CA (SA)
Mobie : 083 943 1858
Fax: 086 671 2498
E-Mail: steven@global.co.za
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