Market Preview By Nirmal Bang Securities

Market Preview By Nirmal Bang SecuritiesAsian stocks advanced for the second day, as gains by financial companies countered concern the global recession is hurting earnings. India’s benchmark Bombay Stock Exchange Sensitive Index may rise a further 10 percent to 12,300 with investors seeking to buy amid a “market correction” and the outlook for corporate earnings improving, BNP Paribas said.

U.S. stocks rose, recouping yesterday’s drop, as better-than-estimated earnings at companies from Marriott International Inc. to ConocoPhillips and EBay Inc. overshadowed falling home sales and higher jobless claims. President Barack Obama said Thursday he is determined to get a credit?card law that eliminates the tricky fine print, sudden rate increases and late fees that give millions of consumers headaches. Obama outlined the principles for any legislation: Protections so that consumers won't face sudden, surprising jumps in fees; requirements that companies publish their forms in plain?spoken language, with no more fine print; the availability of customer-friendly comparison shopping on credit-card offers; and greater enforcement so that violators feel the full weight of the law.

South Korea’s economy unexpectedly expanded in the first quarter, buoyed by record interest?rate reductions and the government’s $37 billion in tax cuts and infrastructure spending. Gross domestic product rose 0.1 percent from the previous three months, avoiding a technical recession following the fourth quarter’s 5.1 percent slump.

The pound fell against the dollar and the yen after the Daily Telegraph said Moody’s Investors Service and Standard & Poor’s are reviewing the U.K.’s AAA credit rating on concern about the nation’s rising debt burden. The dollar weakened against the yen, heading for a third weekly loss before a U.S. government report economists say will show orders for durable goods fell for the fifth time in six months, damping demand for the nation’s assets. The euro is set for a weekly gain against the greenback on speculation German business confidence rebounded in April, adding to signs the worst of Europe’s economic slump may be over.

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