Asian stocks up on Portugal positive news

<p>Asian markets were up today after Portuguese authorities eased market fears over a possible banking crisis.</p>

Asian markets today (July 14th) recouped much of last week's losses after Portuguese authorities acted to help ease market fears over a possible banking crisis.

On Friday, the country's government and Central Bank offered assurances that the nation's financial system was sound following issues with accounting irregularities at Banco Espirito Santo's parent group unveiled by a central bank audit.

MSCI's broadest index of Asia-Pacific shares outside Japan was up 0.4 per cent, with Seoul putting on 0.3 per cent. 

China's Shanghai Composite was up 0.16 per cent at 2,050.25. Hong Kong's Hang Seng gained 0.82 per cent at 23,422.96.

Japan's Nikkei bounced 0.88 per cent, while Singapore's main index went flat after the country reported a surprise 0.8 per cent annualised contraction in economic activity for the second quarter due to a drop in manufacturing. 

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