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Asia stocks gain on hopes for abating European crisis; Nikkei up 0.38%

Published 12/04/2012, 11:07 PM
Updated 12/04/2012, 11:09 PM

Investing.com - Asian stocks rose on Wednesday after Greece launched a bond repurchase program needed to free up aid payments, fueling hopes the European debt crisis may soon be abating.

During Asian trading on Wednesday, Hong Kong's Hang Seng Index was up 1.36%, Australia's S&P/ASX200 was up 0.40%, while Japan’s Nikkei 225 Index was up 0.38%.

Greece earlier launched a EUR10 billion buyback of government debt maturing between 2023 and 2042, a requirement for Athens to tap bailout packages totaling EUR44 billion.

Eurozone officials expressed confidence the country's debt repurchase program will be successful, which supported the single currency against safe-haven currencies and sparked demand for risk assets such as stocks.

Sentiments continued to build that Europe, a key trading partner, may be resolving its debt issues.

Investors largely brushed off fiscal uncertainty out of the U.S., where President Barack Obama earlier insisted no budget deal will take place without raising tax rates on wealthy Americans, something congressional Republicans oppose.

Failure to strike a budget deal for next year could allow tax hikes to expire at the end of 2012 right when preprogrammed cuts to government spending are set to kick in, a combination known as the U.S. fiscal cliff that could tip the world's largest economy into a recession next year.

Investors went long on stocks anyway, betting budgetary compromise will eventually ensue.

In Hong Kong, top gainers included Ping An, up 4.65%, Wharf Holdings, up 3.42%, and CHALCO, up 3.34%.

In Australia, top gainers included TPG Telecom, up 5.15%, Ausdrill up 4.81%, and Myer Holdings, up 3.99%.

European stock futures indicated a higher opening.

France's CAC 40 futures pointed to a gain of 0.67%, while Germany's DAX 30 futures pointed to a gain of 0.49%. Meanwhile in the U.K., FTSE 100 futures were up 0.38%.

Dow Jones Industrial Average futures were up 0.33%, while the S&P 500 futures were up 0.49%.







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