Mumbai flares up to lead region's rally

By V. Phani Kumar, MarketWatch HONG KONG (Menafn - MarketWatch) -- Asian markets rallied Wednesday as financials such as Mizuho Financial Group were spurred by overnight gains on Wall Street, while transportation stocks advanced after crude-oil prices fell sharply. In Tokyo, the Nikkei 225 Average climbed 1.1% to 13,329.26 and the Topix index added 1.6% to 1,308.01. Australia's S&P/ASX 200 rose 1.3% to 5,070.10 and South Korea's Kospi advanced 1.5% to 1,584.55, while New Zealand's NZX 50 index jumped 2% to 3,206.92. Shares of Mizuho Financial Group MFG climbed 3.4%, Citigroup Inc. C soared 8.3% and Sumitomo Mitsui Financial Group SMFJY advanced 3.2% in Tokyo. The rise came after Wachovia Corp. WB shares spiked as much as 27% overnight on Wall Street. The rise came although Wachovia reported nearly $9 billion in quarterly... [read full story]