Market Report – Asian Shares Up

Asian stocks rose to a 10-month high today, boosted by news of a refinancing plot for CIT and hopes of a recovery in corporate earnings in the months yet to be. Shares in South Korea and Australia led the way with exporters like Hyundai and LG the largest winners. Japan’s markets were shut for a public holiday, keeping trading volumes relatively low elsewhere in the region. HSBC has taken an vital 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 valve 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.