asian-stockmarkets-storm-higher

Asian stockmarkets storm higher

Asian markets recover after interest rate cuts and promises of liquidity injections into regional banking systems start to gain traction.
Asian stockmarkets soared yesterday as official interest rate cuts and international moves to inject liquidity into banking systems encouraged investors to switch cash into emerging markets.

Following a unanimous decision by US FOMC members to slash the federal funds target rate by 50bp to 1%, and a 27bp reduction in rates by the PeoplesÆ Bank of China late on Wednesday, the MSCI Asia-Pacific ex-Japan stocks index rose 10% - its third consecutive day of gains. Markets in Japan, Hong Kong, Singapore and Korea climbed as much as 12%, and commodity prices surged.

Taiwan cut rates by a further 25bp to 3% yesterday, after reductions of 37.5bp in the past five weeks, while on Monday the...
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