Asian stocks rise after G20 deal

Tokyo, Apr 3: Asian stocks extended a rally in early trade on Friday, Apr 3 as investors cheered a pledge by world leaders to step up efforts to fight the global economic downturn.

Investors were relieved with the leaders at G20 summit agreeing on trillion dollars deal.

The dollar shot up to a five-month high against the yen as the recovery on world markets encouraged speculators to take more risks.

While the G20 summit stopped short of unveiling fresh fiscal spending to tackle the slump, it did provide for more than a trillion dollars of new money to help poorer countries as well as moves to increase global regulation.

Tokyo was up 0.57 percent while Sydney added 1.3 percent, Seoul gained 0.4 percent and Hong Kong climbed 0.3 percent.

On Wall Street, the Dow Jones Industrial Average rose 2.79 percent Thursday, Apr 2 after the Group of 20 pledged more than one trillion dollars for the International Monetary Fund and World Bank.

OneIndia News