Asian Stocks End Higher on China Stimulus
Updated from 12:29 a.m.
Asian stocks closed higher Monday, stocks in Europe rose and stock futures in the U.S. were higher after the Chinese government announced a $586 billion (4 trillion yuan) stimulus package aimed at helping the country weather the global financial and economic crisis.
The CSI index in China finished 7.4% higher after the Chinese government unveiled a package designed to boost domestic demand amid signs China's export-driven economy is starting to feel the effects of the global slowdown.
Japan's Nikkei 225 stock average closed up 5.8% to 9081.43. The Hang Seng index in Hong Kong rose 3.5%, while the S&P/ASX 200 index in Australia finished to the upside by 1.4%.
Stocks in Europe were higher. The FTSE 100 index in London rose 3%, while the DAX in Frankfurt rose 3.6.
HSBC Holdings
(HBC)
reported a third-quarter profit and said it recorded $4.3 billion in loan impairments in the U.S.
Banco Santander
(SRD)
, Spain's biggest bank, said it plans to raise 7.2 billion euros ($9.2 billion) by selling shares. German insurer
Allianz
(AZ)
reported a third-quarter loss of 2 billion euros, and said it abandoned its operating earnings target for 2008 and 2009.
Stock futures in the U.S. indicated a higher opening for stocks on Wall Street Monday.
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S&P 500
futures rose 18.60 points to 954.80, and were 25.12 points above fair value.
Nasdaq
futures rose 23 points to 1311.50, and were 39.02 points above fair value.
U.S. stocks rose Friday as traders shrugged off the worst monthly unemployment reading in more than a decade and assessed troubling earnings statements from
General Motors
(GM) - Get General Motors Company Report
and
Ford Motor
(F) - Get Ford Motor Company Report
.
The
Dow Jones Industrial Average
ended up 248.02 points, or 2.9%, at 8943.81, and the S&P 500 added 25.87 points, or 2.9%, to 930.75. The Nasdaq jumped 38.70 points, or 2.4%, to 1647.40.
