Market Report July 20 – Asian Shares Up

Asian stocks rose to a 10-month high today, boosted by news of a refinancing plan for CIT and hopes of a recovery in corporate earnings in the months ahead.

Shares in South Korea and Australia led the way with exporters like Hyundai and LG the biggest winners.

Japan’s markets were shut for a public holiday, keeping trading volumes relatively low elsewhere in the region.

HSBC has taken an important step towards listing in the Chinese mainland stock market. A Hong Kong-based newspaper reports HSBC has picked between four and five investment banks as sponsors and underwriters.

Its shares were up 2 percent in Hong Kong.

China’s top banking regulator warned of risks from the country’s surge in bank lending, singling out the dangers in the booming property market.

The warning comes after June’s lending figures hit $224 billion, well beyond analysts‘ expectations.

(NTDTV)