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Global stocks make a comeback from Monday
Global stocks rebounded on Tuesday from Monday's poor performance, and neutralised the heavy losses procured from the sale of investment bank Bear Stearns and the Federal Reserve’s lending cut.
- Agencies
- Published: 15:55 March 18, 2008
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London: Global stocks rebounded on Tuesday from Monday's poor performance, and neutralised the heavy losses procured from the sale of investment bank Bear Stearns and the Federal Reserve's lending cut.
European banking stocks were able to recoup from Monday's bashing, as was the Dow Jones Industrial Average which actually closed higher on Monday evening.
London's FTSE 100 index was up 2 per cent and Frankfurt's Dax rose 1.8 per cent. In Paris, the Cac 40 was able to gain 1.9 per cent.
The Euro made gains as well, but was unable to top Monday's high. However, the dollar continued to suffer from plummeting US rates.
On the Asian front, markets were able to rebound significantly, and closed much higher than Monday's showing.
MSCI's measure of Asian stocks outside Japan rose over one per cent, while Hong Kong's main index climbed 1.4 per cent and Japan's Nikkei 225 went up 1.5 per cent. Mumbai's Sensex also rose by 2.0 per cent.
Uncertainty is surrounding the Fed's next move, which is widely expected to further cut US interest rates by a point to two. The Fed is vigorously trying to control the weakening markets, but no action has reversed the effects up until now.
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