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| Version 2 | Version 3 |
|---|---|
| Asian markets rebound on Fed move | Asian markets rebound on Fed move |
| (20 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. |
| At close the Nikkei was at 15,732.48 points, up 458.80 points, or 3.00%, from Friday. | At close the Nikkei was at 15,732.48 points, up 458.80 points, or 3.00%, from Friday. |
| South Korean shares also surged ahead, with its Composite Stock Price Index closing up 5.7% at 1,731.27, its biggest percentage gain in more than five years, according to the Korea Exchange. | South Korean shares also surged ahead, with its Composite Stock Price Index closing up 5.7% at 1,731.27, its biggest percentage gain in more than five years, according to the Korea Exchange. |
| Australian shares closed up 4.6% and Chinese stocks were ahead by 5.33%. | |
| 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 5.3%. | 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 5.3%. |
| 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. |
| At open of trade in Europe the FTSE in London was ahead 0.46%, the Dax in Frankfurt by 0.53%, and the Cac in Paris by 0.89%. | At open of trade in Europe the FTSE in London was ahead 0.46%, the Dax in Frankfurt by 0.53%, and the Cac in Paris by 0.89%. |
| Caution | Caution |
| 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." |