Asian stocks rebound after Portuguese bank scare - KAUZ-TV: Newschannel 6 Now | Wichita Falls, TX

Asian stocks rebound after Portuguese bank scare

Posted: Updated:
By JOE McDONALD
AP Business Writer

BEIJING (AP) - Asian stocks rebounded Monday from jitters about a struggling Portuguese bank as investors looked ahead to a busy week of data releases in the U.S., China and Europe.

Oil edged up to stay above $100 after tumbling more than $2 last week amid expectations more Libyan crude will soon hit markets.

Tokyo's Nikkei 225 gained 0.4 percent to 15,219.59 and Hong Kong's Hang Seng added 0.4 percent to 23,326.78. Seoul, Taiwan and Sydney also rose.

Traders regained confidence following concern about the soundness of Portugal's Espirito Santo International, which reportedly missed a debt payment last week, echoing issues that spawned Europe's debt crisis. Investors appeared to have been reassured any problems would be contained.

"Concerns about a widespread spill-over across Europe eased," said Mizuho Bank in a report. "Sentiment improved across the board."

China's Shanghai Composite Index was flat at 2,047.98.

Investors were looking ahead to announcements Tuesday about monetary policy in Australia and Japan and European inflation. U.S. Federal Reserve Chairwoman Janet Yellen is due to testify before a congressional committee.

On Wednesday, China is due to report quarterly economic growth. The country's top economic official, Premier Li Keqiang, said last week performance improved compared with the first quarter, when growth tumbled to 7.4 percent, but gave no details.

Seoul's Kospi gained 0.5 percent to 1,998.32 and Taiwan's Taiex added 0.5 percent to 9,545.99. Sydney's S&P ASX 200 rose 0.4 percent to 5,511.70. New Zealand also gained.

Last week, Germany's DAX and Britain's FTSE 100 ended 0.1 percent higher while France's CAC-40 gained 0.4 percent.

On Wall Street, the Dow Jones industrial average and the broader Standard & Poor's 500 both gained 0.2 percent. The Nasdaq composite was up 0.4 percent.

Benchmark U.S. crude for August delivery gained 1 cent to $100.84 per barrel in electronic trading on the New York Mercantile Exchange. The contract plunged $2.10 to close at $100.83 in the previous session on expectations of higher supplies and muted global demand.

In currency markets, the dollar rose to 101.37 yen from 101.32 yen late Friday. The euro fell to $1.3603 from $1.3608.

Copyright 2014 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

  • InternationalMore>>

  • Defense: Gov't suppressed evidence in Blackwater

    Defense: Gov't suppressed evidence in Blackwater

    Monday, July 28 2014 2:32 PM EDT2014-07-28 18:32:37 GMT
    Lawyers for Blackwater security guards are accusing the government of suppressing evidence favorable to the defendants, who are accused in the killings of 14 Iraqis in Nisoor Square in Baghdad.
    Lawyers for Blackwater security guards said Monday that the government has suppressed evidence favorable to defendants who are on trial in the killings of 14 Iraqis in Nisoor Square in Baghdad.
  • Obama: Female oppression crippling parts of Africa

    Obama: Female oppression crippling parts of Africa

    Monday, July 28 2014 2:17 PM EDT2014-07-28 18:17:46 GMT
    A program designed to foster a new generation of young African leaders will be renamed after former South African President Nelson Mandela.
    President Barack Obama spoke out Monday against gender oppression in Africa that he said is "crippling" parts of the continent, urging young leaders there to empower women and eliminate traditions like female genital...
  • Israeli PM speaks of 'prolonged' campaign in Gaza

    Israeli PM speaks of 'prolonged' campaign in Gaza

    Monday, July 28 2014 2:17 PM EDT2014-07-28 18:17:27 GMT
    Israel and Hamas have lowered the pace of the fighting in the three-week-old Gaza war as international efforts intensify to end the conflict that has already killed 1,030 Palestinians and 43 Israeli soldiers.
    Israeli Prime Minister Benjamin Netanyahu said Monday that Israel must be ready for a "prolonged" military operation in the Gaza Strip and will "act aggressively and responsibly" until the mission is completed.