European Markets Move Higher in Anticipation of More Details From EU Ministers
Asian Markets Continue Global Rally; S. Korea Ripping Tits off the Bears
The Euro Weakens Slightly in Response to Collateral Issues Stalling Debt Talks
Flash: Asian Markets Ripping
Asian stocks opened higher on Friday after advances on Wall Street, helped by news that top central banks will coordinate a plan to ease dollar funding for stricken European banks, reducing the threat of an emerging credit crunch.
The ECB’s announcement reassured markets and boosted investor confidence ahead of Friday’s meeting of euro zone finance ministers, to be joined by U.S. Treasury Secretary Timothy Geithner.
The FTSE CNBC Asia 100 Index [.FTFCNBCA 6007.39 
137.12 (+2.34%)], which measures markets across Asia, gained 0.8 percent.
Japan’s benchmark Nikkei average [.N225 8852.86 184.00 (+2.12%)] opened up 1.34 percent at 8,785.28 on Friday, while the broader Topix gained 1.15 percent to 760.41.
Seoul shares advanced as coordinated efforts by global central banks eased fears about the euro zone debt crisis. The KOSPI [.KS11 1832.94 58.8
Key large-cap stocks rallied, with Samsung Electronics, the largest share on the main KOSPI, gaining 3.8 percent. Banks also posted strong gains, with KB Financial Group up 3.6 percent.
Shares in Korea Electric Power Corp, a state utility, were in focus after electricity shortages caused widespread blackouts across the country on Thursday.
Australia’s S&P/ASX 200 index [.AXJO 4155.10 83.40 (+2.05%)] advanced 1.3 percent, helped by gains in large cap banking counters.
Australia’s top four banks lead the charge, with Westpac up 2.4 percent.
Sundance Resources stocks rose 4.7 percent in early trade after media reports that China’s Hanlong Mining will continue with its A$1.3 billion bid, despite an investigation by the market regulator ASIC into alleged insider trading by Hanlong executives.
Over in Greater China, shares of Europe-focused fashion retailer Esprit Holdings [0330.HK 11.70 
-3.38 (-22.41%)] fell more than 20 percent after the Asia’s No.6 apparel and accessories retailer reported a worse-than-expected drop in full-year profit.
In Southeast Asia, Singapore’s STI [.FTSTI 2802.55 36.60 (+1.32%)] and Malaysia’s KLCI [.KLSE 1430.93 -6.68 (-0.46%)] tracked gains seen around the region.
Stocks Log 4-Day Rally on Euro Zone Optimism
Merkel: Germany Ready to Do What’s Needed to Back Euro
FLASH: European Banks are SOARING
BNP Paribas leading the way, +14%.
Comments »FLASH: ECB Begins New Dollar Liquidity Program; Euro Up 1%, U.S. Futures Higher and Treasuries Down
IMF Calls for Structural Reform Over Liquidity as a Means to Solve The World’s Debt Crisis
Merkel Rejects The Idea of a Euro Bond Solution
Here we go again….yesterday equity markets had some hope, but Merkel has decided to reiterate negativity with a belief that EU bonds will not solve the problem.
So far equity markets are ignoring her comments.
Comments »Bernanke Testifies on Systemic Risk Today; Do Not Expects Too Much or Any Comments on Economy
Greece Continues Talks on New Austerity Measures
Despite high unemployment and public protests Greece is moving forward with more austerity measures to instill confidence that they will do what is necessary to stay in the EU and receive bailout tranches.
Comments »U.S. Futures Rise on EU Debt Solution
While there is still no confirmed resolution, law makers are considering a range of options and Geithner said yesterday that the EU has within their grasp to solve the problem themselves. If not there is help and money to be tapped from China, the BRICS, and the U.S. if absolutely needed.
Comments »If Gold Still Backed the U.S. Dollar Analyst Says the Fair Value Would be $10,000
That is Grice’s fair value call. A more conservative estimate is 1/4 the DOW Jones average which would put us at $2,200-$2,500….
Gold currently down $19 @ $1,807
Comments »
EU Reduces GDP Estimates; Expects a “Standstill Economy’
New Zealand Keeps Interest Rates on Hold; Kiwi Dollar Falls
“No urgency to raise them until the global recovery strengthens, weakening the local currency it called overvalued.”
Comments »Europe Trades Firmly in the Green with Gains of 1-3%
The Euro Finds a Second Day of Strength on Hopes of a Greek Solution
Today’s Biggest Winners and Losers
No. Ticker % Change
1 SQNS 67.72
2 LEE 47.54
3 ICAD 23.73
4 VRML 22.45
5 JAKK 22.25
6 OXGN 20.80
7 CTDC 20.48
8 CWTR 20.42
9 SOMX 20.00
10 GLCH 19.81
11 SIMG 14.10
12 MKTG 14.06
13 XFN 13.95
14 BSFT 13.76
15 EGLE 13.47
16 HTZ 13.47
17 CYTX 13.46
18 FOLD 13.28
19 CUR 13.18
20 AMCN 11.60
21 BITA 11.37
22 STM 11.17
23 FN 11.15
24 JRN 11.11
25 COGO 11.06
—————————–
No. Ticker % Change
1 AUTC -29.75
2 PRST -19.82
3 SYPR -13.33
4 COOL -12.78
5 SEED -12.59
6 ANX -12.21
7 WEBM -11.36
8 GSS -10.23
9 ZGNX -9.97
10 CNET -9.68
11 DEXO -9.45
12 YRCW -9.08
13 LODE -8.74
14 CBPO -8.73
15 GNK -8.73
16 SKUL -8.15
17 MERR -7.96
18 MVIS -7.85
19 SOXS -7.77
20 Z -7.68
21 AERG -7.67
22 VELT -7.41
23 ANO -7.35
24 TBUS -7.30
25 RAH -7.1
