Are we seeing the light at the end of the tunnel?  (07-04-2008)

Asia Pacific region stocks ended the session in positive territory today, as resource stocks managed to offset a financial sector that continues to be weighed down by credit market woes. 

The Nikkei 225 Average in Japan closed 1.2% higher at 13,450.23, as shares of commodity traders rose sharply, with Mitsui & Co. soaring 8.5% and Mitsubishi Corp. climbing 4.3%, while shares of oil producer Inpex Holdings advanced 3.5%, while among financials, Mitsubishi UFJ gained a narrow 0.41%, Sumitomo lost 1% and Mizuho Financials was unchanged. 

In Hong Kong, the Hang Seng Index rose 0.9% to 24,487.28, while on mainland China, the Shanghai Composite rose sharply, gaining 4.5% to 3,599.62 as investors poured money into resource and financial shares. 

Meantime the dollar gained some ground against the yen, breaching the 102 level again, while the euro declined a touch against the dollar and crude oil prices reacted going upwards once again. 

European shares advanced on an estimate by Merrill Lynch & Co. saying that the worst of the credit markets' troubles are over, while Goldman Sachs Group Inc. advised buying mining shares. 

U.S. market futures were pointing upwards as Washington Mutual is said to be receiving a cash injection of $5 billion restoring some confidence in investors, ahead of the first earnings release for Q1, which comes, as usual, from Alcoa.

Source ISFM