Rating upgrade hints and Europe hopes lift Asian markets

Asian markets rallied overnight as Moody's mulled raising the ratings of some Asian countries, while investors pinned their hopes on an EU summit to solve the debt crisis.

Japan's Nikkei 225 jumped 1.71% to 8,722 and the Hong Kong Hang Seng  climbed 1.58% to 19,240 overnight. France's Cac 40 and Germany's Dax also saw a strong gain after open this morning, rising 1.49% to 3,227 and 1.39% to 6,112 respectively. The FTSE 100 also gained 0.75% to 5,610. A Moody's Investors Services announcement boosted sentiment as the ratings agency pointed to potential credit rating upgrades within Asia as some of its economies withstand the impacts of the eurozone debt crisis. Five-year credit default swaps for China, South Korea, Indonesia, Malaysia, the Philippines...