Saturday, 30 June 2012
Asia Pacific stocks closed sharply higher on Friday, June 29, 2012, as investors chased for bottom fishing across the region on relief over euro zone debts contagion after European leaders agreed that euro zone banks could be recapitalized without adding to government debt and opened the way for tapping a rescue fund. EU leaders emergency action soothed fears over growing credit strains in Italy and Spain and surprised a market that had been primed for disappointment.
The most-active October copper contract on the Shanghai Futures Exchange rose 1.9 percent to 55,240 yuan ($8,700) p e r tonne, extending gains after rising 0.9 percent in the previous session. It is also headed for its worst quarterly performance since the third quarter of last year.