Banks drive Asian markets bounce

Asian markets took up where US and European markets left off and surged ahead after news that Citigroup made a profit in the first two months of 2009.
Japan's Nikkei index rose 4.6% to 7367.12 as banking shares led the way.
Other regional markets also performed strongly, with Hong Kong's Hang Seng index up 2.9% at 12,034.77, and South Korea's Kopsi index climbing 3%.
But analysts said the rally was little more than a temporary respite from recent heavy falls in global markets.

Wall Street bounce
"What you've seen today is mostly a technical bounce in markets after falling steeply recently, and I don't think this rally can be sustained," said Arjuna Mahendran at HSBC Private Bank.
"It's still far too early to predict that the global recession is over. The fundamentals are simply not in place," he added.
On Tuesday, US stocks enjoyed their best day of 2009 as banking giant Citigroup announced a profit for the first two months of the year.
The news pushed shares in Citigroup 37% higher, and banking stocks led a surge on the US markets.
The Dow Jones index closed up 379.44 points, or 5.8%, at 6,926.49. The Standard & Poor's 500 index rose 6.4%.
Early rises on Wall Street boosted stocks in Europe on Tuesday, with the markets in London, Frankfurt and Paris all up by about 5% at the close of trade.


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