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Asian markets opened sharply higher in the morning session on Monday as optimism grows over recovery in the U.S. economy.Data on Friday showed consumer confidence had recovered.Hang Seng Index rose 2.95 precent,up 457.78 points to 15,978.80.Shanghai Composite Index up 2.05 percent up 50.85 points to 2,528.42 .Straits Times Index was up 2.34 percent 46.43 points to 1,966.71.Korean benchmark index KOSPI opened at 1,386 and is currently up 20.22 points, 1.48 percent higher at 1,389.58.Shares of banking, steel and shipbuilding firms are trading higher.Hyundai Motor are trading higher by 2 percent.Hyundai Steel is up with a sharp gain of 4.5 percent.In Banking,Korea Exchange Bank is up 4.6 percent,Woori Finance up by 9 percent.Japanese markets are closed for the Golden Week holidays.
Investors are waiting for the release of the U.S. government's bank stress tests, which was due on Monday but now will be released on Thursday.Nymex crude oil futures were up 20 cents on Globex at $53.40 a barrel.
On Friday, the 30-stock Dow Jones industrial average rose by 44.29 points, up 0.54 percent, to 8,212.41. The broad Standard & Poor's 500 index gained 4.71 points, up 0.54 percent, to 877.52. The tech-heavy Nasdaq composite index gained 1.90 points, up 0.11 percent, to 1,719.20.

European stocks rallied after better-than-expected earnings from Ford Motor, American Express and Italy’s Eni SpA.Banking stocks rose BNP Paribas and Barclays gained more than 4 percent.Oil stocks BP, Shell and Total gained between 4.8 to 5.4 percent as crude rose $1.67 a barrel to $51.29.Italy's Eni rose 5 ercent after better-than-expected earnings.Volvo was down 1.8 percent after it posted more than expected first-quarter loss.
FTSE 100 index ended higher 3.43 percent up 137.76 points to 4155.99,Germany's DAX closed up 3 percent up 136.11 points to 4674.32,France's CAC 40 gained 3.13 percent up 94.23 points to 3102.85.
On Friday, the 30-stock Dow Jones industrial average rose by 119.23 points, up 1.50 percent, to 8,076.29. The broad Standard & Poor's 500 index gained 14.31 points, up 1.68 percent, to 866.23. The tech-heavy Nasdaq composite index gained 42.08 points, up 2.55 percent, to 1,694.29.
Crude oil rose $1.93, or 3.9%, to settle at $US51.55 a barrel in New York Mercantile.Gold futures jumped to a three-week high in New York.Prices for June delivery gained $7.50, or 0.8%, to $US914.10.Copper rose in New York after a four-day decline.