Technology Stocks And Car Manufacturers Drag The Asian Markets Higher

Asian trade: Asian markets rose tonight helped by technology stocks and car manufacturers. U.S. markets also closed in the green, helped by some better than expected news releases.

Shares were pulled higher in Asian after a report showed that Japanese and South Korean car manufacturers control 49.5% of the U.S. car market, the biggest in the world. The Asian based carmakers increased their market share in the detriment of U.S. car manufacturers, which are already in a very terrible situation. On average, GM, Ford and Chrysler car sales dropped by 50%, much more than the 37% drop seen in the overall U.S. car sales. This represents another nail in the U.S. car industry coffin.

Despite the falling trend, Hyundai and Kia increased their market share last month with some special marketing programs. Hyundai car sales rose 14% from one month earlier. In nominal terms, there were 656,976 vehicles sold last month, from which 1/6 came from Toyota, the largest carmaker in the world right now.

U.S. markets rose yesterday, helped by a report that showed that sales of previously occupied houses rose for the first time in the last five months in December. The index surged 6.3%, despite that analysts forecasted a 0.0% gain from one month earlier. This release shows that, to some extent, the lower interest rates are starting to reach consumers.

Tonight, the Nikkei gained 168.58 points (2.15%) to 7,994.09. The Australian S&P/Asx fell 30.20 points (0.86%) to 3,378.50.

Crude oil is testing the $40 support area. Crude oil for March delivery fell $0.10 to $40.80.

Gold moved very little in the Asian session. Bullion for immediate delivery fell $0.80 to $898.10

Previous Wall Street trade: At the close of floor trading on the NYSE the DOW was on 8078.36 after gaining 141.54 points (1.78%) while the S&P finished on 838.51 after gaining 13.07 points (1.58%). The tech-heavy NASDAQ closed on 1516.30 after gaining 21.87 points (1.46%). Bonds were sold as stocks climbed into positive territory. The yield on the 2-year note gained 6.3 basis points to 0.962% while yield on the benchmark 10-year note rose 15.6 basis points to 2.887%. The dollar was lower on the risk tolerance, falling 1.5% to the euro, 0.2% against the yen, 3.2% against Australia's currency and 1.4% on the pound.