Eagle River, WI 10/11/2011 (PennyPayDay) – The Nikkei rose the most in two weeks on Tuesday after Europe’s powerhouses pledged to support European banks and minimise the eurozone’s debt crisis. The benchmark Nikkei 225 index closed up 168 points at 8,774 in Tokyo.
Optimism was high in Tokyo as European leaders pledged to announce a plan for increased coordination at the G-20 summit at the start of November.
Buyers put their buying hats back on, following Japan’s three day weekend holiday, despite trepidation ahead of today's vote in Slovakia to bolster the powers of the eurozone bailout fund.
Slovakia’s vote, the last from the 17-member state, comes after Malta approved the plans late on Monday. All other members have approved the measures.
Financials pushed ahead on hopes of a comprehensive European bank package. Mitsubishi UFJ Financial gained 4% while Sumitomo Mitsui Financial advanced almost 3%.
Exporters such as Mazda stepped on the gas, rising as much as 6%. Toshiba rose 3.1%.
Commodities enjoyed plenty of attention as crude prices rose for the fourth consecutive session. Shares of Inpexrose 3.6%.
The Hang Seng rose 2.43% on Tuesday with financials staging an impressive rally after an investment bank increased its stake in some of China’s largest banks.
Agricultural Bank of China surged 8.9 while ICBC tacked on a hefty 7.7%.
Commodities regained support with share of Jiangxi Copper rising 6%. Cnooc bounced 3.63% while China Coal Energy charged 8.1% higher. PetroChina was a rare decliner, falling 2.06%.
Retailer Li & Fung rallied 6.2%.
The Hang Seng advanced 168 points at 18,142.
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