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TheStreet Open House

Asia Stocks Rise On Hopes Of New Fed Stimulus Move

PAMELA SAMPSON

BANGKOK (AP) â¿¿ World stock markets were modestly higher Monday as sluggish U.S. growth boosted hopes for more measures from the Federal Reserve to help the world's No. 1 economy.

The Fed has already carried out two massive rounds of bond-buying known as quantitative easing to drive down long-term interest rates and stimulate spending and business investment. Low bond yields also encourage investors to shift money to stocks.

Stan Shamu of IG Markets in Melbourne said that investors shrugged off the weaker-than-expected U.S. economic growth figures released Friday, as well as a second downgrade this year by S&P of Spain's debt, amid hopes that the Fed will launch a new round of bond buying to keep interest rates low.

European stocks were mostly higher in early trading. Britain's FTSE rose 0.2 percent to 5,759.82 and Germany's DAX added 0.2 percent to 6,815.04. France's CAC-40 fell 0.6 percent to 3,246.79.

U.S. stocks were headed for a neutral opening, with Dow Jones industrial futures nearly unchanged at 13,168. S&P 500 futures were flat at 1,398.

Asian stocks were higher in trading thinned by holidays in Japan and mainland China. All major Asian markets except Tokyo will be closed for holidays on Tuesday.

Hong Kong's Hang Seng rose 1.7 percent to 21,094.21, with banking shares racking up solid gains.

South Korea's Kospi added 0.3 percent to 1,981.99 amid improving business sentiment among manufacturers. Australia's S&P/ASX 200 gained 0.8 percent to 4,396.60 as rising commodities prices helped push up its mining sector.

Benchmarks in New Zealand, Taiwan and the Philippines also gained, while Singapore and Indonesia fell. Markets in mainland China and Japan were closed for public holidays.

Riskier assets such as stocks could lose momentum Tuesday, when China is due to release its manufacturing index for April. Shamu of IG Markets said analysts expect a reading of 53.6 for April, up from 53.1 in March. Anything lower could disappoint.

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