Japan’s Nikkei Stock Average AU:XJO +1.77% rose 1.4% while South Korea’s Kospi KR:0100 +1.68% climbed 1.6%, and the Australian S&P/ASX 200 index AU:XJO +1.77% jumped 1.8%.
Banks and commodity-sector firms — with the latter closely tied to economic growth expectations — were among the notable gainers.
In Japan, Nomura Holdings Inc. JP:8604 +3.91% NMR +0.68% jumped 2.5% and Mizuho Financial Group Inc. JP:8411 +2.04% MFG 0.00% added 2%.
In Australia, Westpac Banking Corp. AU:WBC +3.08% WEBNF -0.48% climbed 3.2% while Commonwealth Bank of Australia AU:CBA +3.26% CBAUF -5.41% gained 3%, and National Australia Bank Ltd. AU:NAB +3.71% NAUBF -12.05% rose 3.7%.
Japanese oil major JX Holdings Inc. JP:5020 +2.88% JXHGF 0.00% climbed 3.1%, while Sumitomo Metal Industries Inc. JP:5405 +5.69% SMMLF 0.00% advanced 3.3%.
In the Australian mining sector, BHP Billiton Ltd. AU:BHP +2.26% BHP +0.17% gained 2% after announcing that Graham Kerr will take over as chief finance officer from Alex Vanselow in February. See report on BHP Billiton developments.
Rio Tinto Ltd. AU:RIO +2.39% RIO +0.31% rose 1.9%. The miner said it’s selling all the minerals it can produce while at the same time noting that customer sentiment is increasingly cautious in the face of global economic uncertainty. See report on Rio Tinto statement.
Europe has served as a main source of that uncertainty and, over the weekend, reports emerged that the International Monetary Fund may provide financial support for Italy, which saw its government bond yields surge again on Friday. Bond yields move inversely to prices.
Such a plan “would give Italy’s Prime Minister Mario Monti 12 to 18 months to implement his reforms without having to refinance the country’s existing debt,” said IG Markets strategist Stan Shamu.
It’s an important week for European bond issuance, with Belgium, Italy, Spain and France on course to issue up to 19.5 billion euros ($26 billion) in nominal and index-linked bonds this week, as well as another €9 billion to €9.5 billion in bills, according to estimates from RBC Capital Markets. Read more on upcoming auctions,
Globally focused tech and auto makers also got a sharp lift in Tokyo, as the dollar remained over the 77-yen mark, with Sony Corp. JP:6758 +4.13% SNE +4.36% climbing 3.8%, and Elpida Memory Inc. JP:6665 +4.18% ELPDF -9.60% up 5.5%.
Mazda Motor Corp. JP:7261 +3.76% MZDAF -1.13% climbed 3.8%, while Honda Motor Co. JP:7267 +4.01% HMC +0.69% gained 3.7%, with the Yomiuri Shimbun reporting Honda would move some of its Japan-based motorcycle production to Thailand in order to avoid the ill effects of the strong Japanese yen. See report on Honda’s Thailand plans. Feel free to forward this Op Ed and follow our Blog stock market news today
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