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Dlr, Asia mkts up

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Old 10-13-2009, 07:26 PM
irahat irahat is offline
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Default Dlr, Asia mkts up

The U.S. dollar rose Friday after Federal Reserve Chairman Ben Bernanke said the need for tighter rates would arise as the economy heals.

Hints from the Fed of eventually higher U.S. rates offered the dollar a reprieve, after a relentless slide pushing a number of Asian currencies to multi-month peaks.

Regional share benchmarks hit a 14-month peak, after gains of over four percent this week and more than 62 percent this year.

Rising metals prices boosted mining stocks across Asia, while the greenback's mild gains against the yen helped shares of Japanese exporters.

China's Tengzhong is expected to finalise a deal with General Motors to acquire the U.S. automaker's Hummer business for about $150 million.

The Hummer deal, which needs Chinese government approval, would be the first major acquisition by a mainland firm of a distressed U.S. auto asset.

GM said separately on Friday that its China vehicle sales jumped 56 percent so far this year, boosted by Beijing's stimulus policies.
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