The main story in Asia today was the announcement of the joint venture beween RIO and BHP after RIO earlier announced it had pulled out of the Chinalco deal. Both BHP and RIO are up 8% and 10.5% respectively today. Aluminium Corp of China(Chalco) was also up 1.8% on the HK market and up over 4% in Shanghai. The ASX200 is up 1.1%, Nikkei +0.7 and Kospi +0.2%.

Oil stocks such as Santos was also up 3.5% as was Caltex. In Japan, Nippon minning is up2.5% and Japan Petroleum +2.7% and in China, Jiangxi copper is up over 5%.

However some analysts believe the recent run up in Asian Stockmarkets are approaching bubble like territory if fundamentals dont catch up.