Business
Foreign Market Wrap
Foreign Market Wrap
About this update from Eldorado Gold Corporation
[{"type":"text","content":"\nForeign Market Wrap\n\n\n May 12, 2010 (Baystreet.ca) -- Asian markets ended mostly higher Wednesday as Australian stocks climbed after the government announced a plan to return to a budget surplus in three years, while Chinese shares overcame intraday volatility to end higher as bargain seekers snapped up banks and property developers. \nTokyo's Nikkei 225 backslid 17.07 points, or 0.2%, to 10,394.03\nIn Hong Kong, the Hang Seng index picked up 65.98 points, or 0.3%, to 20,212.49\nHong Kong shares staged a last-minute rebound, as European markets opened higher following the appointment of David Cameron as Britain's new prime minister and earnings reports from ING and Deutsche Telekom.\nAustralia shares got a boost after Treasurer Wayne Swan forecast the government's budget would return to financial surplus three years sooner than expected and before any other major advanced economy, helped by global demand for its key commodity exports. Australia & New Zealand Banking Group added 1% and National Australia Bank rose 0.8%. \nGold miners surged after burgeoning demand pushed the price of gold to a record high as investors sought safer havens with the euro tumbling across the board. Lihir Gold added 4.4% and Eldorado Gold surged 11.1% in Sydney, Sumitomo Metal Mining added 3.7% in Tokyo, and Zijin Mining Group gained 3.6% in Hong Kong. \nShares of toll road operator Transurban Group stayed under a trading halt after the company said it has rejected two takeover proposals from a consortium of its major shareholders on the grounds that neither of them offer sufficient value or certainty for its security holders. \nThe company plans to proceed with the 542.3 million Australian dollar ($488 million U.S.) capital raising launched Monday to raise funds to acquire the Lane Cove Tunnel in Sydney's north. \nJapanese banks extended losses on worries about capital-raising, with Mizuho Financial Group dropping 1.2% and Sumitomo Mitsui Financial Group dropping 0.6%, while Mitsubishi UFJ Financial Group declined 2.4%. \nBut shares of exporters gained on the back of recent earnings reports. Hitachi jumped 4.7% after it swung back to profits in the January-March quarter and on hopes it is now on its way to its first full-year net profit in five years. \nToyota Motor gained 2.7% after providing Tuesday the clearest signal yet that it has stanched...