HONG KONG: Asian stocks bounced on Thursday after tentative steps by euro zone policymakers to tackle a crippling debt crisis, but investors remained wary that obstacles the bloc's leaders face could weigh on the euro and Asian currencies in the medium term.
China stocks are stuck in a narrow range for now, pulled up by prospects of credit easing in China and down by an unending flow of bad news about Europe's debt crisis.
Last week stocks soared after European officials hammered out a deal, but now investors are wondering whether the plan can be a long-term solution to sovereign debt crisis.
The market is shrugging off the surprising Apple (AAPL) earnings miss with futures set for a flat open. Media reports regarding efforts to solve a Euro zone debt crisis continue to be conflicted, leaving the market a bit indecisive this morning.
A potential resolution to the debt crisis in the eurozone helped to push shares of banks and credit card companies higher today. Optimism surrounding the situation and revised outlooks on Q3 expectations factored into gains in the sector.
Sales projections for October did little to boost shares of automakers. Concern of the euro debt crisis and questions over the strength could be maintained weighed on the companies.
The Hong Kong market rose sharply due to gains in Hong Kong-listed ADRs in the U.S. on Friday and to optimism Europe would solve its debt crisis at a regional summit on Wednesday.
Six of the world's largest central banks took collective action today to make dollars available at cheaper rates in an effort to shore up the European debt crisis.
European Union finance ministers have agreed on a bailout package of nearly USD 1 trillion (750 billion euro) for Greece, as part of their concentrated efforts to prevent the debt crisis contagion from spreading to other nations.
India has cleared on Friday that it will keep unwinding economic stimulus deployed during the financial crisis and continue raising interest rates despite uncertainty linked to euro zone's debt woes.
All eyes are on Europe once again to produce a plan that adequately addresses its longer-term bank and sovereign debt problems. There market has no room for failure at this point.
The latest manufacturing data fell short of expectations and negatively impacted shares of industrial metals miners. Ongoing worry over the Greek banking crisis also struck the sector.
There are two storm clouds on the horizon that could force global equity markets lower, sharply hike interest rates on sovereign debt and create a super rally in the U.S. Dollar.
The price of gold rose for the third straight day on Thursday, producing a myriad of differing opinions as to where the commodity's price is headed and why.
A stall in the market in general stands to mask internal opportunities as profit takers invest in other stocks. New money will come from that parked in safe havens.