Asia Stocks Rise As China Growth Forecast Upgraded

Asian stocks recovered Wednesday after two days of losses as the World Bank upped its growth forecasts for China’s economy and stronger commodities prices lifted the region’s powerhouse resource companies.

Asian stocks recovered Wednesday after two days of losses as the World Bank upped its growth forecasts for China’s economy and stronger commodities prices lifted the region’s powerhouse resource companies.

Every major market traded in the green, with Hong Kong, South Korean and Indian shares leading the way with gains of about 2 percent. Oil prices held above $79 a barrel, while the dollar was little changed against the yen and the euro.

Investors’ moods were helped by more optimism about China as the World Bank boosted its forecast for the world’s third-largest economy from 7.2 percent to 8.4 percent, reflecting the country’s enormous stimulus measures.

The strength of China’s rebound also led the Washington-based bank to increase its growth forecast for developing East Asia by 1.3 percentage points to 6.7 percent.

Markets have become more choppy in recent days amid growing worries about the scope of the U.S. economic recovery and durability of this year’s stock rally.

But some analysts say tremendous liquidity brought about by looser government policies around the world could continue to underpin stock prices.

It doesn’t matter so much about the fundamentals at the moment,” said Ben Pedley, Hong Kong-based managing director of LGT Investment Management Ltd. “Zero interest rates mean the money has to go somewhere. At least for now, we can defy gravity for a bit longer.”

Japan’s Nikkei 225 stock average rose 25.32 points, or 0.3 percent, to 9,828.27, and Hong Kong’s Hang Seng climbed 346.67 points, or 1.6 percent, to 21,586.73. Shanghai’s index traded up 0.6 percent.

In South Korea, the key stock measure advanced 1.6 percent to 1,574.40. India’s Sensex index jumped 2.1 percent. Markets in Australia, Taiwan and Thailand also gained.

Wall Street traded largely sideways in a volatile session Tuesday.

The Dow fell 17.53, or 0.2 percent, to 9,771.91, after being down as much as 86 points. The broader Standard & Poor’s 500 index rose 2.53, or 0.2 percent, to 1,045.41.

U.S. futures pointed to a modestly higher open on Wall Street Wednesday.

Oil prices were slightly lower in Asia after a sharp rise overnight, with benchmark crude for December delivery down 20 cents to $79.40 a barrel. The contract gained $1.47 overnight.

Gold, meanwhile, was mostly flat at $1,084 an ounce after hitting a new high of $1,087 an ounce overnight.

The dollar ticked up to 90.34 yen from 90.30 yen. The euro was higher at $1.4722 from $1.4717.

source:yahoo news

Bollywood Star To Sing On Mumbai Attacks Tribute

Bollywood Star To Sing On Mumbai Attacks Tribute: Bollywood actor Amitabh Bachchan is to lend his voice to a song commemorating those who died in last year’s Islamist militant attacks on Mumbai, a report said Wednesday. The actor, who has attained megastar status in his 40-year career in the Hindi-language film industry, said the song would be “on the spirit of Mumbai, its resilience and its character of being able to withstand all storms”

Bollywood Star To Sing On Mumbai Attacks Tribute:Bollywood actor Amitabh Bachchan is to lend his voice to a song commemorating those who died in last year’s Islamist militant attacks on Mumbai, a report said Wednesday.

The actor, who has attained megastar status in his 40-year career in the Hindi-language film industry, said the song would be “on the spirit of Mumbai, its resilience and its character of being able to withstand all storms”.

“You may try to damage us, but you will never succeed in bending or breaking us,” the 67-year-old was quoted as saying by the Daily News and Analysis newspaper.

The city’s police, which lost a number of senior officers in the November 26-29 attacks, approached singer Sonu Niigaam to compose a “soulful” song that remembers the 166 people who were killed in the 60-hour siege.

“We all think it’s a lovely concept and wanted to do our bit for the cause,” Niigaam told the daily, adding that it was an honor having Bachchan involved.

About 14 other popular singers will contribute to the song, including Hariharan, Shaan and Kailash Kher, the newspaper said.