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Politics : Formerly About Applied Materials

AMAT 221.99

-2.9%

10:53 AM EST

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To: StanX Long who wrote (56860)	12/4/2001 3:54:14 AM
From: StanX Long	Read Replies (1) of 70976

Tuesday December 4, 3:26 PM Asian stocks gain as dollar and bonds watch Mideast By Richard Baum sg.biz.yahoo.com SINGAPORE (Reuters) - Gains in technology and property shares lifted many Asian stock indices on Tuesday, offsetting a volatile mix of Middle East violence and gloomy views on the U.S. and Japanese economies that hit the yen and helped bonds and oil. A downgrade by Moody's Investors Service of Japan's debt rating supported many Japanese shares when it turned out to be only a one-notch cut, while expectations of further U.S. interest rate cuts and the economic crisis in Argentina swayed the bond and currency markets. Shares in Singapore and Taiwan jumped to their highest levels since September and July respectively, shrugging off the fallout from Enron Corp's collapse and declines on Wall Street. But Tokyo stocks overall closed mixed after Sumitomo Mitsui Banking Corp <8318> and other banks sank deeper on growing concerns about credit risks in the wake of Enron's collapse. The benchmark Nikkei average ended up 0.79 percent at 10,452.65, but other Japanese indices fell. Elsewhere, stocks began to find their feet after sliding in recent days on fading hopes for a quick U.S. economic recovery, with the Singapore market surging more than two percent to its strongest levels since September 11. Taiwan extended Monday's rally to rise nearly three percent to a five-month high, while Hong Kong also gained.

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