International banks, such as UK-based Standard Chartered Plc (LON:STAN), HSBC (LON:HSBA) and Australia & New Zealand Banking Group (ASX:ANZ), devoted more efforts to strengthen their exposure in Asia market amid global economy downturn.
Wall Street closed at a nine-month high overnight boosted by earnings reports and encouraging economic data in US manufacturing activity and new car sales. Energy and materials companies also broadly lifted the market.
Wall Street ended the last trading session of July with a positive note on Friday. The Dow increased 0.86% for the week and 8.58% for the month thanks for the better-than-expected earnings reports. The US government reported on Friday that gross domestic product declined by 1% in the second quarter, while economists had expected that number to be around 1.5%. The result gave investors stronger confidence that the worst recession since the Great Depression is likely coming to an end.
US stocks broadly surged on Thursday fueled by the better-than-expected earnings reports. The market's rally pushed the major indexes to their highest closes of the year.
The Board of Foster's Group Limited (ASX:FGL) has approved a $US500 million 3-year syndicated debt facility, following a recent successful road-show and invitation to Asian bank debt markets.
Wall Street posted a strong gain overnight with Dow index jumped above 9000 points mark for the first time since January. The market was bolstered by upbeat housing data and favourable corporate earnings.
Australian stocks surged massively yesterday following a rally on Wall Street. The benchmark S&P/ASX200 jumped 129.6 points, or 3.5 per cent, at 3867.1, while the broader All Ordinaries rose 120.8 points, or 3.2 per cent, to 3858.8 points. The gains in overseas markets are likely to continue bolstering the Australian shares as the US earnings reports released in the first week restored some market confidence.
