March 1, 2024

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Asia markets, banks, Europe, the United States, bailouts

Asia markets, banks, Europe, the United States, bailouts

A sign is placed on the outside of a First Republic Bank office on March 16, 2023 in San Francisco, California.

Justin Sullivan | Getty Images News | Getty Images

Asia-Pacific markets rose on Friday after major Wall Street banks pledged to deposit $30 billion in First Republic Bank in a bid to boost confidence in the banking system. The group of 11 banks, including Bank of America, Wells Fargo, Citigroup and JPMorgan Chase.

In China, the Shenzhen component closed 0.36% higher at 11278.04, and the Shanghai Composite rose 0.73% to end the day at 3250.54 after China announced that President Xi Jinping will visit Russia next week.

Hong Kong’s Hang Seng Index rose 1.81% in the last hour of trading, driving gains in the region and Hang Seng Tech jumped 4.59%. Notably, the search engine company shares Baidu rose more than 15%.

South Korea’s Kospi Index rose 0.75% to end the day at 2,395.79, while the KOSDAQ witnessed an even larger gain of 1.97%, ending at 797.39.

Japanese markets were higher with Nikkei 225 index It rose by 1.2%, ending at 27,333.79, and the Topix index rose by 1.15%, ending at 2,392.61.

in Australia , S&P/ASX 200 It rose 0.42% to close at 6,994.8, with banks posting slight gains to reverse Thursday’s losses.

Overnight in the US, stocks rose in late trading on news of the bank bailout deal, with all three major indexes closed.

The Nasdaq Composite was the biggest gainer, rising 2.48% as investors bought technology stocks hoping the crisis will prompt the Federal Reserve to change its view on monetary policy at its meeting next week.

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— CNBC’s Alex Haring, Hakyung Kim, and Jessie Pound contributed to this report

Correction: This story has been updated to accurately reflect the amount of deposits banks pledged to First Republic.