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Asian Markets Rally, Dollar Gains
Mar 18, 9:51 PM EDT |
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| Hong Kong lowered its rate by 0.75% matching the cut by the Federal Reserve Bank in the U.S. |
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| Asian stock markets rallied tracking large gains in the U.S. stocks. DS&P 500 and Nasdaq surged 4% and Dow Jones added 3.5%. U.S. lowered its benchmark rate by 0.75% to 2.25%, lowest since February 2005. Lehman Brothers and Goldman Sachs reported lower earnings but beat the estimates lifting bank stocks. The surge in financial stocks in the U.S. and Europe is reflected in the Asian markets trading. Banks, brokers, and insurance companies are tradng higher. |
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Tokyo Stocks Rise, BOJ Stalement
Mar 18, 8:11 PM EDT |
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| Tokyo stocks advanced as politicians failed to agree on a nominee for the top position at the Bank of Japan. |
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| The Bank of Japan governor position is likely to remain vacant if a compromise between the ruling party and DPJ is not reached by tomorrow. The vacuum at the central bank in Japan will send a wrong signal to the world financial markets at a time when investors are jittery and inflation is on the rise. NTT lowered its revenue and earnings guidance for the current year. |
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ECB Adds Liquidity, Stocks Rise
Mar 18, 7:57 PM EDT |
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| The ECB provided additional 25 billion euros funding in the euro area hours before the U.S. Fed lowered interest rate by 0.75%. |
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| European markets surged higher ahead of the U.S. rate decision and after the release of earnings from Goldman Sachs and Lehman Brothers. Goldman and Lehman reported lower earnings but beat the expectations. UBS sliced pay of its chairman Marcel Ospel by 94% in 2007 to SFr2.6 million from 2006. |
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Rate Cut, Earnings Propel Stocks
Mar 18, 7:17 PM EDT |
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| Thirty members of the Dow Industrial rallied and 489 of S&P 500 stocks surged ahead in a rally on Wall Street. |
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| U.S. stock averages surged nearly 4% after a string of good news on earnings and the Fed decision to lower interest rate. The Fed lowered the benchmark rate by 0.75% to 2.25%. The sharp decline in rates lifted stocks that were already up in the morning, higher. Nasdaq and S&P surged above 4% and Dow added more than 3%. Goldman Sachs and Lehman Brothers earnings fell but beat the estimates. Visa prices its IPO at $44 per share and raised $17.9 billion to begin trading tomorrow. |
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