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Asia climbs after Europe flags debt progress
SYDNEY (MarketWatch) — Asian stocks climbed Monday morning after European leaders said they were making good progress on a plan to resolve the debt crisis that has been roiling global markets.
Japan’s Nikkei Stock Average JP:NIK +1.38% rose 1%, South Korea’s Kospi KR:0100 +2.16% advanced 1.4%, and Australia’s S&P/ASX 200 index AU:XJO +2.22% jumped 2%.
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EU leaders eye guarantees for banks
European leaders said at a summit on Sunday in Brussels they are confident that they will find a definitive solution to the European financial crisis but that there is still work to do.Most Asian equity markets ended with weekly losses on Friday, as caution prevailed ahead of weekend meetings to discuss Europe’s debt crisis. European leaders attempted to reassure market participants anxious for news of a plan to tackle the region’s debt troubles.
On Sunday, German Chancellor Angela Merkel and French President Nicolas Sarkozy said at a joint press conference that a broad agreement is taking shape. Final agreement on a deal is due at or before Wednesday. Read more on European meetings.
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