The major Australian banks Commonwealth Bank of Australia,National Australia Bank and Westpac rose 0.8% in Monday trading,shrugging off news that the four biggest banks will be required to set aside a further 1% of equity capital.The ASX 200 index climbed 0.51%.*
Other Asian markets also rose Monday,cheered by the US beating its GDP forecast last week,and the IMF announcing Sunday it would be raising its outlook for US growth on these strong results and the budget deal recently signed in Washington.The Shanghai Composite was up 0.24%,while the Hang Seng climbed 0.44%.Japanese markets were closed for the Emperor's Birthday holiday.*
South Korea's Hyundai Group is selling its three financial units to raise cash to reduce debt,as well as concentrate on its shipping,logistics and elevator machinery businesses.The sale is expected to bring in 3.1 billion dollars.*
Apple Computer has reached a deal with China Mobile allowing it to sell the iPhone in China as of next month.The move is expected to present Samsung with major competition in the vast Chinese market.*
In golf,Europe came swiftly from behind to win The Royal Trophy match play tournament at the Dragon Lake Golf Club in Guangzhou,China by one point.It was Europe's fifth win out of seven.
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