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Business Update: US hopes lift Asia

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Old 10-13-2009, 07:18 PM
irahat irahat is offline
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Default Business Update: US hopes lift Asia

U.S. economic and market optimism boosted Asian shares to a 14-month high Tuesday, while the technology sector awaited results from chip giant Intel.

Some 29 companies in the S and P 500 announce results this week, but eyes are on Intel, the world's biggest chipmaker, for insight into business spending ahead.

In Asia leading flat screen makers Samsung and LG Display also report results shortly, with expectations of a strong third quarter.

In Japan, the Nikkei gained as steelmakers climbed after Goldman Sachs lifted its ratings on JFE Holdings, saying demand was likely to rise next year.

Chinese automakers rallied after Geely Automobile posted record sales in September and SAIC Motor said net profit in the first nine months of the year jumped 70 percent.

China's auto market overtook the U.S. as the world's largest in January and has been a bright spot as the industry struggles to recover from the financial crisis.

Oil edged back from a 7-week high near $73 a barrel ahead of a monthly report from OPEC later on Tuesday.
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