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Asian markets rebound on Fed move Asian markets rebound on Fed move
(10 minutes later)
Asian stocks rose on Monday, regaining some ground after the US Federal Reserve cut a key bank lending rate.Asian stocks rose on Monday, regaining some ground after the US Federal Reserve cut a key bank lending rate.
US and European markets stabilised on Friday after the Fed cut the rate at which it lends to banks in an effort to stem the heavy losses in world markets.US and European markets stabilised on Friday after the Fed cut the rate at which it lends to banks in an effort to stem the heavy losses in world markets.
Japan's Nikkei share index was up by 3% in Monday trade, while Hong Kong's Hang Seng index was ahead by 3.6%.Japan's Nikkei share index was up by 3% in Monday trade, while Hong Kong's Hang Seng index was ahead by 3.6%.
The Nikkei had seen its biggest one-day fall in nearly six years on Friday, and other Asian markets had also slumped.The Nikkei had seen its biggest one-day fall in nearly six years on Friday, and other Asian markets had also slumped.
People still feel the market isn't really stable Kingston Lin, Prudential Brokerage.People still feel the market isn't really stable Kingston Lin, Prudential Brokerage.
Financial stocks, which had been hardest hit in the recent sell-off, led the rebound, pushing MSCI's index of Asian financial stocks up 4.4%. At close the Nikkei was at 15,732.48 points, up 458.80 points, or 3.00%, from Friday.
Financial stocks, which had been hardest hit in the recent sell-off, led the Asian rebound, pushing MSCI's index of Asian financial stocks up 4.4%.
India's benchmark share index opened 2.6% higher on Monday, tracking other Asian markets.India's benchmark share index opened 2.6% higher on Monday, tracking other Asian markets.
CautionCaution
The recent market turmoil had been triggered by a wave of mortgage defaults in the US as the housing market slowed dramatically.The recent market turmoil had been triggered by a wave of mortgage defaults in the US as the housing market slowed dramatically.
Markets across Europe and Asia were similarly buffeted on fears of a wider crisis in the financial system due to the huge liabilities of banks and other financial companies linked to the unstable sub-prime mortgage sector.Markets across Europe and Asia were similarly buffeted on fears of a wider crisis in the financial system due to the huge liabilities of banks and other financial companies linked to the unstable sub-prime mortgage sector.
"Investor confidence has recovered a bit. Still, there are lingering worries over when the sub-prime crisis will actually end," said George Hsieh, who manages $545m for Capital Securities Investment Trust in Taiwan."Investor confidence has recovered a bit. Still, there are lingering worries over when the sub-prime crisis will actually end," said George Hsieh, who manages $545m for Capital Securities Investment Trust in Taiwan.
The Reserve Bank of Australia injected $2.67bn into the banking system to ward off pressure on some short-term market interest rates.The Reserve Bank of Australia injected $2.67bn into the banking system to ward off pressure on some short-term market interest rates.
The Asian share gains were at levels last seen in April 2003, but some investors remained wary of the credit crisis.The Asian share gains were at levels last seen in April 2003, but some investors remained wary of the credit crisis.
"People still feel the market isn't really stable," said Kingston Lin, associate director at Prudential Brokerage."People still feel the market isn't really stable," said Kingston Lin, associate director at Prudential Brokerage.
"There's buying, but I think other people are selling into the rally. It's not safe to be aggressive.""There's buying, but I think other people are selling into the rally. It's not safe to be aggressive."