06 Oct '11, 9am

Hong Kong soars 6% as Asian stocks surge

HONG KONG - Asia's stock markets surged on Thursday, boosted by another strong performance on Wall Street and hopes European leaders will come together to plan a route out of the region's sovereign debt crisis. Sentiment was also lifted by better-than-expected economic data out of Washington that eased concerns the United States is slipping into recession. German Chancellor Angela Merkel on Wednesday called on her eurozone counterparts to recapitalise the banking sector to help prevent Greece's debt crisis from spreading to other nations. Her view that helping the banks was "justified, if we have a joint approach" echoed comments from the EU's economic affairs commissioner the previous day, and gave a much-needed boost to nervous investors. Hong Kong soared 5.67 percent while Tokyo gained 1.66 percent, Seoul rallied 2.63 percent, Sydney raced 3.65 percent higher and Taipei...

Full article: http://www.channelnewsasia.com/stories/afp_asiapacific_bu...

Tweets

Asian shares surge on Europe debt hopes, US data

Asian shares surge on Europe debt hopes, US data

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