Sunday, October 12, 2008

Asian Stocks, U.S. Futures Advance as Governments Back Banks

October 12, 21:28 EDT.
From Bloomberg:
Asian stocks and U.S. index futures advanced as European leaders agreed to shore up banks and Asian governments said they will support their financial systems.

Financial stocks jumped, accounting for more than half of MSCI Asia Pacific excluding Japan Index's 3 percent gain, after leaders of the 15 countries using the euro pledged to back new bank debt and use taxpayer money to support distressed lenders. National Australia Bank Ltd. surged 9 percent and BHP Billiton Ltd. climbed 5.9 percent after the government said it will guarantee all bank deposits, easing lending costs....MORE