Asian markets opened again higher, extending the global rally. The major Asian indexes advance tonight for a fourth consecutive day, also pulling the U.S. futures higher.
Currently, Asian stocks advance as investors consider the cheaper market valuation. In particular, Asian markets are helped by investment analysts, which are currently raising the share’s outlook, resulting in a weaker yen. A cheaper currency adds a number of important percentages to the exporter’s balance sheets, and at the same time, it helps exporters win additional market share, something that will prove vital when the economy recovers.
The U.K. bank HSBC announced this weekend that it managed to sell 97%, or $17.7 billion of its share offer. The shares were sold at 254 pences each, 41% lower than Friday’s close. Most likely, the bank will use this money to fund the losses fueled by its U.S. operations, which had transpired over the last few years. Unlike other U.K. banks, HSBC refused any government funds until now because they decided to raise additional capital from private sources., Unlike their peers this proved to be a very good marketing tool, as the public offering was underwritten by the world’s biggest banks.
Overnight, the Nikkei rose 169.63 points (1.94%) to 8,919.47. The Australian S&P/Asx gained 22.60 points (0.60%) to 3,758.20.
Crude oil gained $0.50 to 53.00, extending the gains over the last few days of trading.
Gold sold off on positive equity markets. Bullion for immediate delivery fell $8.70 to $888.50.