International Markets - Asian markets soar up as Hong Kong, Sydney takes a lead

Asian markets soar up as Hong Kong, Sydney takes a lead

Asian markets mostly advanced Tuesday, with Hong Kong and Australian shares soaring as trading resumed in both markets after an extended holiday weekend.

Japanese shares also advanced, as exporters such as Canon Inc. Honda Motor Co. were bolstered by a weakened yen, while Shanghai-listed stocks took their losses to the third straight session on a weak corporate earnings outlook. Taiwanese shares turned volatile after a five-day winning streak.

In Hong Kong, the Hang Seng Index soared 6.4% to 22,464.52. Australia's S&P/ASX 200 jumped 3.3% to 5,355.70. Trading in Hong Kong and Sydney resumed for the first time since Thursday, when stocks fell sharply in both markets.

In Tokyo, the Nikkei 225 Average climbed 2.1% to 12,745.22 and the broader Topix index advanced 1.5% to 1,242.98.

The Shanghai's Composite index continued to swing between gain and losses closing with a marginal gain of 0.09% to 3,629.62. In a meantime the Bank of China takes $ 1.3 billion subprime write off taking China markets in subprime tremble whose effect can be seen in tomorrows opening.

Elsewhere, South Korea's Kospi gained 1.2% to 1,674.93 and New Zealand's NZX 50 index gained 0.1% to 3,430.28.

Taiwan's weighted index, which climbed during the previous five trading sessions, dropped 0.8% to 8,795.09 as traders locked in profits.

In the afternoon trading Singapore's Straits Times Index added 2.8% to 3,010.43 while India's Sensitive Index, or Sensex, rose 4.6% to 16,001.28.

Crude oil for May delivery fell as much as 57 cents to $100.29 a barrel in electronic trading, after declining 98 cents to $100.86 Monday on the New York Mercantile Exchange.

In Asian currency trading, the U.S. dollar was quoted at 100.25-yen Tuesday. Monday, the dollar bought 99.88 yen late in Asia and 100.69 yen late Monday in New York.

In European currency trading the dollar fell the most against the euro in two weeks on speculation industry reports will show U.S. consumer confidence dropped to a five-year low and a housing slump deepened. The dollar fell to $1.5547 per euro at 7:23 a.m. in London from $1.5423 late yesterday in New York, when it reached a two- week high of $1.5341. It declined to 100.35 yen from today's high of 101.03 and 100.74 yesterday. The euro rose to 156.03 yen from 155.39. The pound gained to $1.9934 from $1.9855.

The dollar weakened to 91.43 U.S. cents per Australian dollar from 90.59 cents. It also declined to 80.30 U.S. cents per New Zealand dollar from 79.77 cents. Against the South Korean won, it fell 2.1 percent from the Asia close to 976.2.

Meanwhile, the European stocks surged after a four-day hiatus, helped by surprisingly strong existing-home sales and gains in Asian and US markets. The German DAX 30 rose 3.1% to 6,517, the French CAC 40 rose 3.4% to 4,689 and the U.K. FTSE 100 gained 3.4% to 5,682.

Looking at the data release calendar the day is schedule to release retail sales for Canada followed by Trade balance for the Japan. However the key event for the evening is the consumer confidence for United States.