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Asian Stocks Up Amid China Optimism

 Phil Amato     Created: 10/14/2009 7:03:50 AM    Updated: 10/14/2009 7:06:40 AM
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HONG KONG (AP) -- Asian stock markets have been up, as China's economy showed more signs of recovery and oil prices touched a new high for the year above $75 a barrel.

Helping lead the region's advance were shares in major technology companies after U.S. chipmaker Intel Corp. issued a surprisingly cheery profit forecast for the rest of the year. The dollar, meanwhile, resumed its slide against the yen and the euro.

Investors have been heartened by news the slump in China's exports eased in September, a sign global trade was improving and aiding the government's efforts to engineer a stronger turnaround in the world's third-largest economy.

Combined with huge amounts of easy money freed up by governments to rebuild their economies and companies, growth in China has helped drive Asia's markets in the last six months.

In mainland China, Shanghai's index jumped 2.1 percent. Hong Kong's Hang Seng rose 1.4 percent.

Japan's market was the region's only major loser, with the Nikkei 225 stock average shedding 0.2 percent.

©2009 Associated Press. All rights reserved. This material may not be published, rewritten, or redistributed.



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