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Asia Higher on EU Crisis Deal for Europe
Published: Sunday, 9 May 2010 | 9:15 PM ET Text Size By: CNBC with WiresDiggBuzz FacebookTwitter More Share
Asian stock markets were higher in early trade on Monday, on news European Union agreed on a 500 billion-euro ($670 billion) emergency fund to protect highly indebted eurozone countries from the "wolfpack" of financial markets.

Japan's stocks gained 0.9 percent, also buoyed by a technical rebound after falling over 6 percent last week.

Shares of Toray climbed 5.2 percent to 543 yen after the Japanese textile maker said it has signed a 15-year contract with Airbus to supply carbon fibre materials for the European firm's aircraft.


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The benchmark Nikkei [JP;N225 10496.72 132.1299 (+1.27%) ] rose 102.53 points to 10,467.63 by midmorning, while the broader Topix gained 0.6 percent to 937.45.

Machinery maker Komatsu rose 1.8 percent to 1,793 yen and shipper Kawasaki Kisen rose 2.8 percent to 372 yen. Hitachi Construction rose 1 percent to 1,924 yen.

Bridgestone advanced 4.9 percent to 1,637 yen after Japan's largest maker of tyres raised its operating profit forecast for the six months to June by 61 percent to 50 billion yen ($546 million) on the back of brisk sales.

Seoul shares opened were up 0.9 percent, with rises led by key tech issues such as LG Electronics.

The Korea Composite Stock Price Index (KOSPI) was up 0.62 percent at 1,657.78 points.

In Australia, the benchmark S&P/ASX 200 index [AU;XJO 4563.5 82.79 (+1.85%) ] was up 1.2 percent at 4,535.50 points. The benchmark index suffered its biggest weekly drop last week since November 2008, when the global financial crisis was at its peak, on worries about Greece's debt crisis spreading and the impact of a hefty new mining tax in Australia.

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