Overnight markets: Up

Exporters and technology shares led gains after European Union countries agreed on tougher fiscal rules at a summit in Brussels late last week. In Tokyo, Toshiba rose 2.4 per cent, Fujitsu advanced 2.2 per cent and Sony added 1.8 per cent. Chipmaker Elpida Memory rallied 3.2 per cent while TDK Corp, an electronics parts maker, gained 2.8 per cent. In Seoul, Samsung Electronics rose 1.2 per cent and LG Electronics was ahead by 1.7 per cent.

Japanese shippers were also notable gainers after cargo rates for large vessels rose to a high for the year. Mitsui O.S.K., Japan’s second-largest shipper by sales, jumped 3.9 per cent after Credit Suisse kept its “overweight” investment rating on Japanese shippers. Market leader Nippon Yusen K.K. gained 3.7 per cent while Kawasaki Kisen Kaisha added 2.2 per cent.

In Seoul, renewable energy firms gained ground after developing nations led by China and India pledged they would work toward an agreement that would limit their fossil fuel emissions for the first time. Hyundai Securities predicted that would drive an increase in renewable energy demand in developing countries.Taewoong, which makes parts for wind turbines, climbed 4.4 per cent while Nexolon, which makes parts for solar cells, jumped 10 per cent, the most in eight weeks.

Asian markets
Nikkei 225 up +137.84 (+1.61%) at 8,674
Topix up +9.90 (+1.34%) at 748.02
Hang Seng up +264.47 (+1.42%) at 18,851

US markets
S&P 500 up +20.84 (+1.69%) at 1,255
DJIA up +186.56 (+1.55%) at 12,184
Nasdaq up +50.47 (+1.94%) at 2,647

European markets
Eurofirst 300 up +12.19 (+1.25%) at 985.81
FTSE100 up +45.44 (+0.83%) at 5,529
CAC 40 up +76.86 (+2.48%) at 3,172
Dax up +112.27 (+1.91%) at 5,987

Currencies
€/$ 1.33 (1.34)
$/¥ 77.66 (77.66)
£/$ 1.56 (1.57)

Commodities ($)
Brent Crude (ICE) down -0.39 at 108.23
Light Crude (Nymex) down -0.25 at 99.16
100 Oz Gold (Comex) down -18.00 at 1,695
Copper (Comex) down -5.20 at 349.50

10-year government bond yields (%)
US 2.06
UK 2.15
Germany 2.11

CDS (closing levels)
Markit iTraxx SovX Western Europe +1.4bps at 363.5bp
Markit iTraxx Europe +0.12bps at 174.83bp
Markit iTraxx Xover +0.65bps at 755.28bp
Markit CDX IG -3.67bps at 121.91bp

Sources: FT, Bloomberg, Markit