Rebound on Asia lead and easing Goldman concerns
Asian stocks closed above the fold on Tuesday after the Monday dip on contnued concerns of ned Bank scrutiny measures triggered by the fraud accusations on Goldman Sachs.
The improved sentiment also reflects a slight improvement with the Greek situation and a ever so slightly European relief from the Iceland volcano ash cloud that is having a huge negative effect on European business.
Asian markets were helped by Citibank delivering over expectations and by Morgan Stanley upgrading the Japanese Banks. Sumitomo Mitsui Financial Group gained 1.6 percent on Monday. National Australia Bank climbed 2.6 percent after competition authorities blocked the bid for Axa Asia Pacific Holdings.
The Yen is down which had a positive effect on Honda Motors which has almost half of its market in USA, and rose 1.3 percent.
While most of Asia was up, the Chinese market still battles with a negative spiral and ended Tuesday at the lowest point in two months led by a rapidly weakening real-estate market (which has been grossly inflated).
The European economic fallout from the ash cloud disruptions have yet to show figures but continued eruptions may hamper European recession recovery.
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