Asian stocks and U.S. futures rose as U.S. President-elect Barack Obama pledged the biggest public works program in about 50 years and India cut interest rates.
Komatsu Ltd., the world's No. 2 maker of construction machinery, rose 11 percent after Obama planned the largest spending package since President Dwight D. Eisenhower created the interstate highway system. India's Housing Development Finance Corp. added 5.7 percent on a $4 billion government stimulus plan. Hong Kong Exchanges & Clearing Ltd. surged 16 percent after a government official said a plan that permits Chinese nationals to buy the city's shares is still on track.
Hong Kong Exchanges, which manages Asia's third-largest bourse, surged 16 percent to HK$71.50. China Overseas Land & Investment Ltd., the Hong Kong-listed developer controlled by China's construction ministry, jumped 15 percent to HK$12.42.
Aeon Co., Japan's largest supermarket operator, jumped 6.2 percent to 879 yen, the most since Nov. 10. Mitsubishi Corp., Japan's biggest trading house, will purchase a stake of about 5 percent in Aeon and form an alliance to buy and distribute goods and open stores, two people familiar with the matter said Dec. 6.
1 comment:
Our markets went up as well. I guess the markets being so flimsy has it's good and bad to it, but I think overall it's a bad thing. People have a lot to gain, but they also have their whole lives to lose. If you don't have money in the market then it's fine, until you have a boss who has to lay you off, or a bank has to manipulate interest rates. I feel like there is too much externalities with things sometimes.
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