Market Report – Asia Shares Surge

Asian stocks jumped more than 2 percent, lifting world shares to a 10-month high. It comes after upbeat U.S. housing data and optimistic comments from Federal Reserve Chairman Ben Bernanke led to the purchase of riskier assets.

Solid earnings from Chinese heavyweights such as Sinopec gave a boost to Shanghai, which posted a third straight day of gains. It’s started to stabilize from a slide that spooked investors around the world.

Seoul shares also rose led by technology companies, with Samsung rising to its highest level ever, helped by an increasingly optimistic outlook for the tech sector.

Canon says it plans to restructure its microchip stepper division by December. It’s a move aimed at helping it better compete with rivals ASML and Nikon.

And in Japan, Toyota will recall over 688,000 Camry and other sedans made at its two China joint ventures. That’s its largest recall in the country. A faulty electric switch to the window needs to be fixed. Still, the company’s shares were up more than 3 percent

(NTDTV)