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Asian markets mostly rise on strong Intel results

This article was posted on Apr 14, 2010 and is filed under Market News

Alex Kennedy, Associated Press Writer, On Wednesday April 14, 2010, 5:13 am

SINGAPORE (AP) — Stocks mostly rose in Asia on Wednesday on investor optimism that better-than-expected first quarter results from Intel Corp. will usher in a strong corporate earnings season.

Singapore’s benchmark stock index led gainers, advancing 1.6 percent after the government said the economy grew an annualized 32 percent in the first quarter.

South Korea’s index jumped 1.5 percent, Australia climbed 0.9 percent, Japan rose 0.4 percent, Malaysia added 0.2, while Indonesia and Hong Kong were little changed.

China’s benchmark stock index gained 0.2 percent and markets were closed in India and Thailand for holidays. China is scheduled to announce first quarter gross domestic product on Thursday.

More fund managers are becoming optimistic about global economic growth this year, according to a survey by Bank of America Merrill Lynch.

“A growing number of investors are envisaging a Goldilocks scenario of above-trend growth and benign inflation,” said Michael Hartnett, the bank’s chief global equities strategist. “The findings are consistent with the view that the U.S. consumer, far from remaining in intensive care, is on the path back to good health.”

The survey quizzed 197 fund managers, who together manage $546 billion, between April 1 and April 8, Bank of America said.

In New York on Tuesday, the Dow Jones industrial average inched up 13 points to 11,019.42, a fresh 18-month high.

The Dow is on a four-day upswing, as investors buy on expectations of positive results in the upcoming earnings season. After regular trading ended, leading U.S. chipmaker Intel Corp. said first-quarter profit nearly quadrupled from a year earlier, beating analyst forecasts.

In currencies, the dollar strengthened to 93.53 yen on Wednesday from 93.22 on Tuesday while the euro traded at $1.3641 from $1.3616.

Benchmark crude for May delivery was up 17 cents to $84.22 a barrel.

source: Yahoo finance

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