STOCKS NEWS ASIA-Shares to rise on financials, oil retreats

SYDNEY, July 24 (Reuters) - Asian shares are set for a firmer start on Thursday, with financial firms seen rising on hopes of a bailout for the two top U.S. mortgage lenders, while a stronger dollar may buoy exporters such as Japan's Canon Inc 7751.T. U.S. President George W. Bush dropped a threat to veto a housing rescue bill, boosting shares in Fannie Mae FNM.N and Freddie Mac FRE.N, which would receive an emergency government lifeline under the bill. Concerns about the health of the two companies, which own or guarantee almost half of the $12 trillion in U.S. mortgage debt outstanding, had weighed on financial markets in recent weeks. Meanwhile, a further drop in oil prices should also help allay concerns about rising inflation and deteriorating consumer confidence. Crude oil CLc1 fell by nearly $4 to a six-week low on... [read full story]