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The Bulls are Charging in Asia, stocks climbing to 11-month highs


 
Asian stocks edged up close to 11-month highs Today on strength in resource related shares, and the Australian dollar gained after a surprise rise in employment prompted increased bets on higher interest rates.

Major European stock futures are up slightly as more company results came pouring in ahead of euro zone and British central bank meetings.

The GBP was flat ahead of a policy meeting of the Bank of England, where central bankers will decide whether to boost planned asset purchases to encourage growth.

Developed markets were favored during the Asian session, with Japanese and Australian stocks posting gains of more than 1%, while Chinese shares in Shanghai dropped on nervousness monetary authorities will take more steps to curb lending.

Japan's Nikkei share average .N225 rose 1.3 percent, led by Honda Motor after a report the world's top motorcycle maker will import bikes from Thailand to sell in Japan to cut costs.

Stocks in Shanghai dropped as much as 3 % but then cut their losses to 1.6 percent though the index is still up some 83 percent on the year.

China's central bank late Wednesday repeated that monetary policy will remain growth friendly, sticking with its view that the recovery was not solid, though it said it would use market tools to fine tune policy after unprecedented loan growth in the first six months of the year.

Long HK, China