Asian shares jump, euro firms amid Italy aid hopes

By REUTERS
November 28, 2011 05:21

TOKYO - Asian shares jumped and the euro firmed on Monday on hopes Europe will come up with some concrete steps this week towards activating a crucial euro zone bail-out fund and reports that the International Monetary Fund is considering helping Italy.

MSCI's broadest index of Asia Pacific shares outside Japan rose more than 2 percent, after slumping to its lowest level since early October on Friday to mark a fourth consecutive week of declines.

Japan's Nikkei also gained nearly 2 percent after hitting its lowest in two and a half years on Friday.

Traders said sentiment was bolstered by a report in Italian newspaper La Stampa suggesting the IMF was preparing a rescue plan worth up to 600 billion euros for Italy, more than the fund can currently provide on its own.

A source with knowledge of the matter told Reuters that contacts between the IMF and Rome had intensified but added it was unclear what form of support could be offered if a market sell-off on Monday forced immediate action. Official sources in Rome said they were unaware of any request for assistance from Italy.


Related Content

Breaking news
April 20, 2018
U.S. tells Russia to address election concerns, chemical weapons

By REUTERS

Israel Weather
  • 15 - 27
    Beer Sheva
    18 - 23
    Tel Aviv - Yafo
  • 15 - 23
    Jerusalem
    16 - 22
    Haifa
  • 20 - 36
    Elat
    18 - 28
    Tiberias