Financials in rally mode, as Lehman news helps
9:20p ET September 11, 2008 (MarketWatch)
HONG KONG (MarketWatch) -- Asian markets advanced early Friday, with financials such as Mizuho Financial Group and Macquarie Group rallying after a rebound on Wall Street and on news Lehman Brothers was looking for a buyer.
The Nikkei 225 Average climbed 1.1% to 12,233.40 and the broader Topix index advanced 1.1% to 1,174.68.
South Korea's Kospi gained 2% to 1,472.40 and Australia's S&P/ASX 200 rose 0.6% to 4,844.40, while New Zealand's NZX 50 index added 0.7% to 3,355.40.
The gains in Tokyo came even though official data showed that the Japanese economy contracted 0.7% during the April-June quarter, translating into an annualized decline of 3%. The drop in the gross domestic product was more than the 0.6% decrease in a preliminary estimate that was previously announced.
Financial stocks got a lift from news that Lehman was looking for buyer, and a Wall Street Journal report that suitors include Bank of America. The Treasury Department and the Federal Reserve were helping with the sale, the Washington Post reported. The Post report added that nothing was finalized yet, but a deal was expected to be unveiled this weekend, before Asian markets opened Monday morning. See full stor
"The presidency is not something that lends itself to on-the-job training." - Senator Joe Biden
