Asian markets extended their gains on Friday, as investors cheered progress in the Euro debt crisis. The Nikkei rallied 1.4% to 9050, althoughOlympusshares continued to drop as the FBI announced it was investigating the firm’s finances. InKorea, the Kospi rose .4%, lifted by Samsung Electronics which announced it has surpassed Apple to become the number one smart phone maker. InChina, the Hang Seng rallied 1.7% to 20019, and the Shanghai Composite climbed 1.6%.
InEurope, the major indexes closed mixed, as the DAX inched up .1%, while the CAC40 lost .6% and the FTSE eased .2%. Despite the progress in the debt negotiations, yields at an auction of 10-year Italian bonds jumped past 6%, as investors remain anxious over the region’s future.
MF Global shares plunged 16%, extending their losses, after Moody’s downgraded the firm.
HP cancelled plans to spin off its pc business, sending shares up 3.5%.
Currencies
The major currencies consolidated after rallying sharply against the Dollar on Thursday. The Euro slipped .2% to 1.4148, the Pound rose .2% to 1.6132, and the Yen gained .2% to 75.83. The Australian Dollar and Canadian Dollar both declined fractionally, while the Swiss Franc eased .4% to 1.1584.
Economic Outlook
Personal spending jumped by .6%, in line with expectations while personal income rose a mere .1%, less than the .4% forecast. Consumer confidence rose to 60.9 from 57.5, better that expected.