Asian shares rebound after Australia guarantees bank deposits

Asian stocks rose, rebounding from the worst week since at least 1987, after Australia guaranteed bank deposits and European leaders agreed to support lenders in a global effort to end the credit crisis. National Australia Bank, the country's largest, surged 7.9pc and Woori Finance Holdings jumped 5.8pc after Australian funding costs and Asia-Pacific bond risk eased. Leaders of the 15 countries using the euro pledged over the weekend to guarantee bank borrowing. Sun Hung Kai Properties gained in Hong Kong after the government said the city may use its foreign reserves to stabilize financial markets. The MSCI Asia Pacific excluding Japan Index added 2.4pc to 259.93 by lunchtime in Hong Kong, rebounding from last week's 20 percent tumble. Financial stocks accounted for more than half of today's gain. Standard & Poor's 500... [read full story]