Business | Markets
Asian markets respond to Fed
The Asian markets have responded to the US Federal Reserve bank's announcement of an interest rate cut of three quarters of a percentage point.
- Reuters
- Published: 10:05 January 23, 2008
- Fed takes action to rescue markets
- Gold up after Fed cuts interest rates
- Shockwaves among NRIs
- Global panic hits local markets
- Another Dh51b wiped off in UAE
- Home sales and price rises boost Aldar profit 22%
- Abyaar enters joint venture with Tecom
- Helpless investors count the costs
- Some sense opportunity to invest
- Mithaq to float 55% of its shares
Shangai: The Asian markets have responded to the US Federal Reserve bank's announcement of an interest rate cut of three quarters of a percentage point. Its biggest interest rate cut in over two decades.
Stocks rose on Wednesday trading across all of the major Asian markets, following three days of heavy losses.
China's Hang Seng index was up 1,150 points to stand at 22,907 at 10am (UAE time) on Wedneday while Japan's benchmark Nikkei index had risen by 266 points to 12,839.
The US Federal announcement sent markets crashing for three days, losing millions of dollars in the value of shares amid fears of a recession.
Related Links
More from Markets
More from Business
Business Editor's choice
-
DFSA chief to step down in September
Executive has been at post since 2008
-
Geepas idea blossomed in Dubai
The journey led from a small shop in Bahrain to a $1.27b company in the UAE
