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Alexkid

Asia stocks gain amid signs of progress in Europe
PAMELA SAMPSON
(The Associated Press)

04:51:26AM (ET) Friday,11.11.11.

BANGKOK (AP) — Asian stock markets were higher Friday following signs of progress in debt-plagued Europe — a successful bond sale in Italy and the naming of a new leader in Greece.

Benchmark oil rose to $98 per barrel while the dollar slipped against the euro and the yen.

Hong Kong's Hang Seng gained 1.1 percent to 19,179.78 and South Korea's Kopsi added 2.7 percent to 1,862.79. Australia's S&P/ASX 200 rose 0.9 percent to 4,282. Benchmarks in Singapore, Taiwan, mainland China and New Zealand also rose.

Japan's Nikkei 225 index inched up 0.4 percent to 8,536.91, a day after the index fell to a five-week closing low of 8,500.80.

Investors were calmed by news that Greece — which is struggling to pull back from the brink of bankruptcy — had named Lucas Papademos, a respected economist, as its new prime minister on Thursday.

Another sign of stability came after Italy was able to borrow $6.8 billion at lower interest rates than analysts expected. On Wednesday, Italy's 10-year bond yields shot up alarmingly, stoking panic in financial markets that the country was heading toward a Greece-style debt crisis.

Confidence was also boosted by the prospect of economist Mario Monti replacing Italian Premier Silvio Berlusconi, who has been viewed as an obstacle to meaningful economic reform.

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Busy busy Friday for the Asian markets. Lets hope Europe will do better next week.
As for New York ?
We're working on it.

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