Market Report – Sydney Stocks Lead, China Falls

In today’s market report… Asian stocks rose Thursday, snapping a two-day losing streak as concerns about Europe’s debt problems eased.

The Nikkei rose on relief buying after successful European bond auctions and Wednesday’s two percent tumble.

Shares of software anti-virus maker Trend Micro led gains in Tokyo, rising over 20 percent on news it was a takeover target.

But the yen limited the market’s gains by staying near 15-year highs against the dollar.

Sydney shares rose and the Australian dollar hit a four-month high, after a strong jobs report underlined the resilience of the Australian economy.

The currency later pared gains after a sell-off in the Shanghai commodity markets, which analysts say is linked to a possible probe into illegal fund usage.

The news pulled the Shanghai composite down over 1.5 percent just after the lunch break, as resources stocks tumbled.

South Korean shares gave up earlier gains after the Bank of Korea surprised the market by keeping rates steady.

Investors interpreted the decision as reflecting central bank uncertainty over the state of the domestic and global economy.

The KOSPI ended slightly higher.

Foto: NTDTV