Asia Stocks Rise as Germany, France Pledge Support for Banks Amid Crisis
"Asian stocks rose as the heads of Europe’s two biggest economies pledged to support banks amid a debt crisis that threatens global growth. Shares of Chinese companies fell on speculation the country will maintain tighter monetary policy.
Samsung Electronics Co., the world’s second-biggest maker of mobile phones, rose 1.6 percent in Seoul and Hanjin Heavy Industries & Construction Co., which gets 45 percent of its revenue overseas, surged 15 percent. China Overseas Land & Investment fell 3.5 percent on concern the nation’s housing market is weakening.
The MSCI Asia Pacific Excluding Japan Index gained 1 percent to 386.23 as of 6:56 p.m. in Hong Kong. About four stocks gained for every three that fell. German Chancellor Angela Merkel said European leaders would do “everything necessary” to ensure banks have adequate capital. The measure sank as much as 0.3 percent after Hong Kong’s Hang Seng Index opened and Chinese equities resumed trade after a holiday.
“The Europeans have been talking a lot about doing everything they can to solve the debt crisis, but we still haven’t seen any detail,” said Nader Naeimi, a strategist for AMP Capital Investors Ltd. “In China, housing- market weakness, together with expectations for further monetary tightening continues to stoke fear of a hard landing for the economy.”
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