Asian stocks up on EU grand plan

Asian equity markets rise on expectations of a grand plan for euro zone crisis and steady U.S. earnings, but shares of Olympus tumble 24 percent, amid corporate governance issues and broker ratings cuts.Asian shares rose Monday helped by hopes that Europe will come up with a plan to contain its debt crisis, following the G20 meeting over the weekend.Expectations that European banks will agree to a bigger-than-expected write-downs on their holdings of Greek government bonds sent Asian shares and the euro higher.But traders warn that if EU leaders fall short of the so-called grand plan, the euro will quickly come under renewed pressure. MSCIs index of Asia Pacific shares rose as much as 2 percent Monday.The materials sector was the biggest gain in the Asian index, boosted by a 3 percent jump in shares of mining giant Rio Tinto after it said it plans to sell 13 aluminium assets. Japans Nikkei average closed up 1.5 percent.But shares in precision instrument and camera maker, Olympus, nose-dived for a second day as the shock dismissal of its CEO widened into corporate governance concerns. The stock has lost 36 percent since Friday.The British former chief executive told the Financial Times that he was fired for probing payments relating to acquisitions made by Olympus before he joined the board.