Friday, August 12, 2011

ASIA-Shares to rise as markets rebound

WELLINGTON: Asian stocks are set to rise as investors piled back into global stocks in another day of wild trading, but the overwhelming mood of uncertainty will likely cap gains.

The main Wall Street indexes vaulted more than 4 percent higher, as investors swooped on beaten-down stocks after the recent heavy losses.

A strong result from tech firm Cisco Systems Inc and a dip in jobless figures triggered the rush back into equities, the second positive day's trade in a week of extreme volatility.

Asian stocks listed on Wall Street rose 3.98 percent while world stocks, as measured by the MSCI world equity index, gained 2.89 percent.

British shares jumped 3.1 percent while European shares gained 2.7 percent, with banks regaining some of the territory they have lost this week.

The euro and the U.S. dollar posted their best days ever against the Swiss franc as the Swiss National Bank said it could peg the soaring currency to the euro in bid to stem its rise.

Japanese markets are set for a strong start, after dipping slightly on Thursday, with Nikkei futures traded in Chicago 100 points above the last closing level in Osaka.

Australian stocks are likely to open higher, with share price index futures up 72 points to 4,165, a 24.2 point premium to the close of the underlying S&P/ASX 200 index. ' Reuters


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