Asian Stocks Up, US Index Futures Gain

Asian stocks advanced after the worst week on record and U.S. index futures gained as Australia, Europe and the U.S. stepped up measures to bolster the global financial system.

Australia & New Zealand Banking Group Ltd. climbed 10 percent after the two countries said they will guarantee bank deposits. Woori Finance Holdings Co. gained 6.3 percent after European leaders agreed to guarantee new bank debt and use taxpayer money to support distressed lenders. The Federal Reserve will ``consider every option'' to restore confidence, Dallas Fed president Richard W. Fisher said yesterday.

The MSCI Asia Pacific excluding Japan Index rose 4 percent to 264.15 as of 8:14 a.m. in Hong Kong, following last week's 20 percent slump. Japan is shut today for a holiday. Australia's S&P/ASX 200 rose as much as 6.1 percent, the most since October 1992. South Korea's Kospi added 3.4 percent. Standard & Poor's 500 Index futures advanced 4.1 percent.

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Comments

[4TJefferson]

10:19 PM on 10/12/2008

Warning! Warning! This is called the "dead cat bounce." In the crash of 1929 remember the crash occured on several days: Black Thursday 10/24/29, Black Monday 10/28/29 & Black Tuesday 10/29/29. The Market lost 45% of it value during a two month span. The "dead cat bounce" occurred between November '29 and April '30 then the market when it climbed back up 50% from the highs. Then the "crash" really happened when the market dropped 65% of it's value on 7/8/32. Good Luck.

[AZterritory]

09:59 PM on 10/12/2008

Please oh please oh please . . . .

[Paul]

09:54 PM on 10/12/2008

We could use some good news Monday from the stock market.