HONG KONG (Reuters) - Asian stocks climbed on Tuesday, with banks extending gains on hopes the struggling global financial system is stabilizing, despite reports showing the U.S. economy is deteriorating further.The dollar edged higher against the euro and the yen while U.S. Treasuries were steady, awaiting word on whether the Federal Reserve would buy government debt to stimulate the economy.
Barclays Plc (BARC.L) said on Monday it has had a strong start to the year, echoing upbeat comments in recent weeks from Citigroup (C.N), JPMorgan (JPM.N) and Bank of America (BAC.N) which have sent battered banking shares higher.
The rebound has squeezed some investors who bet against equities, forcing them to buy back shares, but analysts are divided over whether the rally can be sustained without a broad recovery in investor confidence. more...
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