Reuters Australia
STOCKS NEWS ASIA-Shares to rise on financials, oil retreats
Thursday July 24, 11:21 AM
SYDNEY, July 24 (Reuters) - Asian shares are set for a firmer start on Thursday, with financial firms seen rising on hopes of a bailout for the two top U.S. mortgage lenders, while a stronger dollar may buoy exporters such as Japan's Canon Inc 7751.T.
U.S. President George W. Bush dropped a threat to veto a housing rescue bill, boosting shares in Fannie Mae FNM.N and Freddie Mac FRE.N, which would receive an emergency government lifeline under the bill.
Concerns about the health of the two companies, which own or guarantee almost half of the $12 trillion in U.S. mortgage debt outstanding, had weighed on financial markets in recent weeks.
Meanwhile, a further drop in oil prices should also help allay concerns about rising inflation and deteriorating consumer confidence.
Crude oil CLc1 fell by nearly $4 to a six-week low on Wednesday after U.S. government data showed gasoline stocks rose far above analysts' forecasts, reinforcing concerns high prices and economic turmoil were slashing into energy demand.
Asian stocks listed on Wall Street .BKAS rose 0.85 percent overnight, while the MSCI's measure of Asia Pacific stocks excluding Japan .MSCIAPJ gained 2.4 percent on Wednesday.
HEADLINES: Wall St rises on oil drop, housing plan optimism [nN23456000] Baidu posts 87 percent profit gain, shares surge [nN23487124] Qualcomm quarterly call delayed, shares up [nN23453746] Oil slips further amid worries over U.S. demand [nN23297630] Fed's Plosser: Raise rates, but move judiciously [nN23496629] Sallie Mae quarterly earnings fall 72 pct [nN23454876] U.S. House passes housing bill
[nN23493773] Strike ends at Shougang Hierro Peru iron ore mine [nN23497047] NZX H1 profit up 18 percent
[nWLF000971] Nippon Steel halts Kamaishi Works after quake [nT370171] Tohoku Elec shuts oil-fired plant after quake [nT47702] Tokio Marine to buy Philadelphia Cons for $4.7 bln [nT287834]
KEY INDEXES pct change
Bank of New York Asia ADR index .BKAS 0.85
Dow Jones Industrial Average .DJI 0.26
Nasdaq Composite Index .IXIC 0.95
MSCI Asia Pacific ex-Japan .MSCIAPJ 2.42
Nikkei futures in Chicago 2NKc1 1.12
Nikkei futures in Osaka JNIc1 0.45
ASIAN ADR ACTION:
5 most actively traded: pct change
TSMC TSM.N2330.TW 2.22
UMC UMC.N2303.TW 1.73
Infosys Tech INFY.OINFY.BO 1.99
Siliconware SPIL.O2325.TW 4.01
Nissan Motor NSANY.O7201.T -1.26
Top 5 performers: pct change
China Eastern CEA.N0670.HK 10.00
Woori Fin Gp WF.N053000.KS 9.19
ICICI Bank IBN.NICBK.BO 8.65
China Southern ZNH.N1055.HK 7.99
James Hardie JHX.N(ASX: JHX.ax) 7.65
Bottom 5 performers: pct change
Lihir Gold LIHR.OLGL.AX -7.57
Santos STOSY.O(ASX: STO.ax) -5.75
Novogen NVGN.O(ASX: NRT.ax) -4.94
Prana Biotech PRAN.O(ASX: PBT.ax) -4.15
NTT Docomo DCM.N9437.T -3.56
TOP ASIA EVENTS:
For more Asian company earnings, see [ASIA/EQTY]
JAPAN - Mizuno holds news conference
SYDNEY - Commonwealth Bank (ASX: CBA.ax) CEO Ralph Norris
speaks at British Chamber of Commerce
TAIPEI - AU 2409.TW holds Q2 investor conference (Reporting by Geraldine Chua, Editing by Jacqueline Wong)
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