Nov. 25 (Bloomberg) -- Asian shares rose, led by commodity and financial companies, as the U.S. government’s rescue of Citigroup Inc. shored up confidence in banks and the world’s biggest economy.
“The U.S. government has made it clear it won’t allow Citigroup to fail, so investors believe the financial crisis won’t deepen,” said Naoki Fujiwara, who oversees about $720 million at Shinkin Asset Management Co. in Tokyo. “It’s unlikely commodity prices will just continue falling because demand is still there in the global market.”
The MSCI Asia Pacific Index added 3.4 percent to 79.48 as of 11:23 a.m. in Tokyo. About 10 shares climbed for each that retreated on the gauge as all 10 industry groups posted gains
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