Asia stocks up, euro firm; stress tests eyed
HONG KONG, July 23 (Reuters) - Asian stocks rose as strong earnings from economic bellwethers such as Caterpillar tempered concerns about a global slowdown, while the euro steadied ahead of European bank stress test results later in the day.
"There is obviously the risk that if too many banks pass and do so with a comfortable margin, the test may be judged as too easy to have actually been informative about the strength of the banking system," said Goldman Sachs analyst Nick Kojucharov wrote in a note.
GLOBAL MARKETS: Global stocks, euro rally on earnings and data
NEW YORK, July 22 (Reuters) - Global stocks rose on Thursday and the euro strengthened, backed by upbeat corporate results, better-than-expected U.S. housing data, and an improvement in European manufacturing and services activity.
"The companies that are doing well generally are the ones that have significant overseas revenues, or some kind of unique product," said Kim Caughey, senior equity research analyst at Fort Pitt Capital Group in Pittsburgh.
Stocks, euro bounce in run-up to stress tests
LONDON, July 22 (Reuters) - World stocks bounced while the euro gained broadly as investors grew more optimistic the looming results of stress tests on European banks were unlikely to send shockwaves through markets.
"There's just generally a bit more optimism, particularly considering Morgan Stanley's results yesterday were absolutely amazing," said Joshua Raymond, market strategist at City Index.
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