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
  • Gulf News

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.


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